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Turquoise Hill Resources Ltd. (TSX: TRQ) announced the mailing of the Management Proxy Circular to shareholders regarding Rio Tinto's acquisition of approximately 49% of the company's common shares for
Turquoise Hill Resources Ltd. (TSX: TRQ) announces that the Supreme Court of Yukon has granted an interim order related to its arrangement with Rio Tinto. Under this agreement, Rio Tinto will acquire the remaining 49% of Turquoise Hill's shares at C$43.00 per share, representing a 67% premium over its last closing price before the initial proposal. A special shareholder meeting is scheduled for November 1, 2022, to seek approval for the arrangement, which also requires court and customary condition approvals.
Turquoise Hill Resources Ltd. (NYSE: TRQ) announced an agreement for Rio Tinto to acquire the remaining 49% of its shares for
The board of Turquoise Hill Resources has unanimously recommended that minority shareholders accept Rio Tinto's all-cash offer of
Turquoise Hill Resources Ltd. (TSX: TRQ) announced an agreement in principle with Rio Tinto to acquire the remaining 49% of its shares for
Turquoise Hill Resources Ltd. (TSX: TRQ) has received a non-binding acquisition proposal from Rio Tinto, offering C$40 per share for all outstanding shares. The proposal is contingent on Turquoise Hill not raising additional equity capital. This offer is currently under review by the Special Committee of the Board. Turquoise Hill emphasizes that shareholders need not take any immediate action regarding the proposal.
The company primarily focuses on the Oyu Tolgoi copper-gold mine in Mongolia, holding a 66% interest in Oyu Tolgoi LLC.
Turquoise Hill Resources Ltd. (TSX: TRQ) provided an operational and corporate update following the August 2022 decision regarding its privatization proposal from Rio Tinto. The updated integrated mine plan for Oyu Tolgoi will be available in Q4 2022, focusing on enhanced cash flow and productivity. Total development capital for the underground project is confirmed at $7.06 billion, including COVID-19 costs. Equity offerings of at least $650 million are required by the end of 2022. Discussions on debt re-profiling are ongoing, while tax arbitration with Mongolia has been suspended until August 2023.
SailingStone Capital Partners has sent a second open letter to the Independent Directors of Turquoise Hill Resources Ltd. (TRQ), expressing concerns over Rio Tinto's proposed acquisition offer of C$34/share for minority stakes in TRQ. SailingStone argues this price undervalues the Oyu Tolgoi mine, which they describe as a crucial Tier 1 copper asset with significant future cash flow potential. The letter also criticizes Rio Tinto's operational failures, emphasizing the need for fair compensation for TRQ's minority shareholders and suggesting that Rio's control of TRQ should come at a higher price.
The Special Committee of independent directors of Turquoise Hill Resources Ltd. (TRQ) announced the termination of its review of Rio Tinto's C$34 per share acquisition proposal. This decision came after consultations with BMO Capital Markets and an independent valuation by TD Securities, which indicated the offer undervalued the company's strategic assets. The Special Committee emphasized the recent progress in the Oyu Tolgoi underground project, including earlier-than-expected milestones, as a crucial factor in their decision. The committee aims to raise at least US$650 million in new equity by year-end to meet funding agreements.
Turquoise Hill Resources Ltd. (TSX: TRQ) reported solid financial results for Q2 2022, with revenues reaching $402 million, a 21.9% increase from the previous year. The company produced 30.6 thousand tonnes of copper and 47.6 thousand ounces of gold, with copper guidance maintained between 110,000 to 150,000 tonnes and gold guidance increased to 150,000 to 170,000 ounces. Liquidity stood at $0.5 billion, bolstered by a funding agreement with Rio Tinto. Operational enhancements are leading to sustainable production trends ahead of schedule.
