The Canadian company last week rejected as too low an offer of C$34 ($26.57) per share received in March after appointing an independent committee to determine if it was in the best interests of minority shareholders.
Rio Tinto Chief Executive Jakob Stausholm said the improved offer provides “full and fair value for Turquoise Hill shareholders.”
Turquoise Hill, a single-asset company holding 66% of one of the world’s largest known copper and gold deposits, 550 km (342 miles) south of Mongolia’s capital Ulaanbaatar, said its board is reviewing the proposal.
Copper is poised for strong demand as a result of the transition away from fossil fuels, as it is needed for wiring in electric vehicles, their charging stations and other renewable energy infrastructure.
Turquoise Hill’s shares rose as much as 24% after the new offer, while Rio’s share price fell 2% in London.
Rio Tinto and the Mongolian government, which owns the…
