(Bloomberg) — Rio Tinto Group increased its offer to buy out Turquoise Hill Resources Ltd. to $3.1 billion as it moves to gain more control of a giant copper mine in Mongolia.
The world’s biggest mining companies are getting increasingly aggressive in their pursuit of so-called future facing commodities, the natural resources such as copper and nickel that are key for the green energy transition. Yet despite the strong demand outlook, long-term supply may remain constrained by the lack of new mines.
For Rio Tinto, the second biggest miner, increasing its control over the Oyu Tolgoi copper mine in Mongolia is an obvious way to achieve that goal.
Rio said Wednesday it was offering C$40 ($30.75) a share to Turquoise Hill’s minority shareholders, 18% higher than its previous bid of C$34 that was rejected earlier this month.
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