Mining giant keen to gain control of one of the world’s largest new copper and gold mines
Turquoise Hill Resources Ltd.‘s shareholders voted in favour of Rio Tinto Ltd.’s US$3.3 billion proposal to take full control of the Montreal-based miner on Dec. 9, signalling an end to a rocky journey that included the postponement of three previous votes, multiple takeover offers from Rio, and side deals with minority owners that were abruptly terminated.
The deal will, however, need the final approval of the Supreme Court of Yukon where a hearing is scheduled for Dec. 14, the companies said. About 86.6 per cent of all votes cast and 60.5 per cent of the votes by Turquoise’s minority shareholders approved the takeover, the company said in a press release.
Rio Tinto already owns about 51 per cent of Turquoise, and needed the approval of two-thirds of overall votes, including those from Rio and a simple majority of the votes cast by the minority shareholders of the company to acquire the remaining 49 per cent.
“The company (Turquoise) currently expects that, subject to obtaining final approval of the court … and assuming satisfaction or waiver of all other closing conditions, the arrangement will be completed on or shortly following Dec. 16, 2022,” Turquoise said.
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