Turquoise Hill to receive debt funding from Rio Tinto as it evaluates $2.7 bln offer

Reuters
·1 min read

May 18 (Reuters) - Canada's Turquoise Hill Resources Ltd said on Wednesday Rio Tinto will provide it interim debt funding of up to $400 million while it evaluates the Anglo-Australian miner's $2.7 billion bid for the company.

Rio Tinto in March had proposed to buy out the 49% of Turquoise Hill it does not already own for about $2.7 billion in cash, paving the way for direct ownership of the massive Oyu Tolgoi copper-gold mining project in Mongolia.

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.

Turquoise Hill on Wednesday also said that it had received an extension of the date by when it has to raise at least $650 million to Dec. 31 from Aug. 31. (Reporting by Ruhi Soni in Bengaluru; Editing by Maju Samuel)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Asylum seekers are pouring into Ireland from UK, says minister

    More than 80 per cent of asylum seekers in Ireland cross into the country from the UK, an Irish government minister has said.

  • Comedian Arj Barker Asks Breastfeeding Mom to Leave Show After Her Baby Interrupts Set by 'Talking'

    Barker later released a statement to his Instagram defending his choice

  • CFL suspends recently retired Lemon indefinitely for betting on league games

    TORONTO — The CFL indefinitely suspended veteran defensive lineman Shawn Lemon on Wednesday for betting on league games, including one the league says he played in. The CFL said an investigation showed Lemon bet on games in 2021 while with the Calgary Stampeders. The league added there was no evidence to indicate games were impacted by his wagering. It also said no Calgary coaches, teammates or team personnel were aware of Lemon's actions. Lemon, a three-time Grey Cup champion, retired April 10

  • Mother Allegedly Stabbed 4-Year-Old Son 41 Times Before Leaving Body Wrapped in Christmas Blanket: Police

    Janet Garcia, 27, has been charged with murder in connection to the death of her son Ariel Garcia, per police

  • Reggie Bush Is Getting His 2005 Heisman Trophy Back Following ‘Enormous Changes,’ Heisman Trust Says

    "This reinstatement is not only a personal victory but also a validation," Bush said.

  • The new Ukraine aid might have won the war at a stroke, if it hadn’t been delayed

    After months of delay, Ukraine soon should be getting a big new consignment of long-range precision missiles from the United States. With these farther-flying Army Tactical Missile System (ATACMS) and other Western-made deep-strike munitions, Ukraine finally is in a position to do what it’s been threatening to do for years now: drop the strategic Kerch Bridges, which connect southern Russia to Russian-occupied Crimea and provide a vital supply line for Russian forces in southern Ukraine.

  • UPDATE 1-The US quietly shipped long-range ATACMS missiles to Ukraine

    The United States in recent weeks secretly shipped long-range missiles to Ukraine for use in its battle to fight off Russian invaders, and Ukraine has now used them twice, a U.S. official said on Wednesday. The missiles were contained in a $300 million military aid package for Ukraine that U.S. President Joe Biden approved on March 12, said the U.S. official, speaking on condition of anonymity.

  • Swan Swims as Spring Snow Falls on Helsinki

    Spring snow fell on Helsinki, Finland, on Wednesday, April 24, following record snowfall earlier in the week, according to the Finnish Meteorological Institute.The Finnish Meteorological Institute said in a press release that between 10-20 centimeters (about 4-8 inches) fell on the southwestern part of the country between Monday and Tuesday. Pauli Jokinen, a meteorologist at the weather institute, said a record-breaking 21 centimeters (8.3 inches) was observed at Nurmijarvi, north of Helsinki.“In the southwestern part of the country, it has never snowed so much in a day so late in spring,” Jokinen said in the release.X user @kristiina360 captured this video of a swan swimming as snowflakes fall. Credit: @kristiina360 via Storyful

  • BoC officials split on when to start cutting interest rates, summary shows

    OTTAWA — Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month. The central bank released its summary of deliberations detailing the governing council's discussions ahead of its decision to hold interest rates steady on April 10. Some members felt the central bank should take its time before lowering rates, the summary said, given the Canadian economy's strong performance as w

  • London travel news LIVE: Multiple train lines disrupted after damage to overhead wires near Shepherd's Bush

    Three different train lines have been disrupted because of damage to the overhead electric wires between Shepherd’s Bush and Watford Junction. Trains running between these stations may be cancelled, delayed or terminated and started back from Shepherd's Bush. The operators affected are Avanti West Coast, London Northwestern Railway and Southern, with disruption expected until the end of the day.

  • Bank of Canada says any rate cuts would probably be gradual

    The Bank of Canada's (BoC) governing council agreed this month that interest rates would most likely only come down gradually, given the risks to the inflation outlook, minutes of the meeting published on Wednesday showed. The central bank kept its key interest rate unchanged at a near 23-year high of 5% on April 10 and minutes of the discussions before the announcement showed the six-member council was split on the timing of a possible cut. "While there was a diversity of views about when conditions would likely warrant cutting the policy rate, they agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target," said the minutes.

  • Get a Behind-the-Scenes Look at Dasha's 'Austin' Music Video — Where Jxdn Plays Her 'Douchebag' Cowboy (Exclusive)

    Dasha opens up to PEOPLE about filming the music video to her hit song 'Austin'

  • Former SAS man who helped ambush IRA terrorists has jail sentence quashed

    A former SAS serviceman who took part in a deadly ambush of IRA terrorists has had his jail sentence quashed.

  • Gov. Gavin Newsom wants to let Arizona doctors provide abortions in California

    Arizona doctors can give their patients abortions in California under a proposal announced Wednesday by Gov. Gavin Newsom to circumvent a ban on nearly all abortions in that state. It would apply only to doctors licensed in good standing in Arizona and their patients, and last only through the end of November. Arizona's 1864 law banning nearly all abortions except if the mother's life is in jeopardy takes effect June 8.

  • Biden says the US is rushing weaponry to Ukraine as he signs a $95 billion war aid measure into law

    WASHINGTON (AP) — President Joe Biden said on Wednesday that he was immediately rushing badly needed weaponry to Ukraine as he signed into law a $95 billion war aid measure that also included assistance for Israel, Taiwan and other global hotspots. The announcement marked an end to the long, painful battle with Republicans in Congress over urgently needed assistance for Ukraine, with Biden promising that U.S. weapons shipment would begin making the way into Ukraine “in the next few hours.” “We r

  • Marcel Hirscher retired from skiing at the top. He's back to race for a country with no mountains

    Marcel Hirscher, one of the most successful ski racers of all time, is planning to return next season after five years in retirement. And the record eight-time overall World Cup champion is going to compete for the Netherlands — his mother’s country — instead of his native Austria. The Austrian winter sports federation, known as the OSV, announced Wednesday that it had released the 35-year-old Hirscher and endorsed his nation change. “For people asking, why are you doing this, for me it’s clear

  • Recent College Grad, 23, Dead After Falling 50 Feet from California Cliff: 'Rest Easy'

    "You could not have made the world any better of a place with the time you had on Earth," a loved one wrote of Jacob Parker

  • Chinese swimming row rumbles on as Ukad joins clamour for investigation

    UK Anti-Doping has called for an independent review into events that led to 23 Chinese swimmers competing at the Tokyo Olympics despite recording positive drug tests

  • Billie Eilish Speaks on Her Sexuality: "I’ve Been in Love With Girls for My Whole Life"

    She spoke on her sexuality after teasing her new track, "Lunch," during an interview with Rolling Stone.

  • What is happening with Flamingo Land at Loch Lomond?

    A West Dunbartonshire Council meeting will discuss plans for the controversial resort.