However, the offer has seen opposition from major Turquoise Hill shareholders, including activist investor Pentwater Capital Management, who said the offer was too low.
Last year, Pentwater Capital had filed a class action in New York against Rio Tinto for damages, alleging the miner concealed problems that plagued the long-delayed, over-budgeted Oyu Tolgoi mine for months.
Rio confirmed the revised arrangements, and said in its statement it would “enable TRQ to fund the ongoing development of the Oyu Tolgoi”.
Rio said it had also agreed to extend the date by which TRQ can conduct an initial liquidity offering of at least $650 million to Dec. 31 from Aug. 31.
Turquoise Hill is a single-asset company holding 66% of Oyu Tolgoi, one of the world’s largest known copper and gold deposits, 550 km (342 miles) south of Mongolia’s capital Ulaanbaatar. The government of Mongolia owns the remaining 34%.
Rio and Turquoise Hill have…
