Rio Tinto Completes Turquoise Hill Acquisition
“Oyu Tolgoi is an outstanding asset with incredible people that will deliver significant long-term value for Rio Tinto and Mongolia,” Rio Tinto CEO Jakob Stausholm said. “I would like to acknowledge the Turquoise Hill Board and management, under the leadership of Peter Gillin and Steve Thibeault, for their considerable effort and support over the years, working in partnership with Rio Tinto and the Government of Mongolia in developing Oyu Tolgoi into a world-class mine. I would like to offer my best wishes to each of them for the future.”
“This acquisition further strengthens our copper portfolio,” Rio Tinto Copper Chief Executive Bold Baatar said. “We now have a simpler and more efficient ownership and governance structure, with our partner the Government of Mongolia, as we proceed together towards sustainable production from the underground mine.” Turquoise Hill has become a wholly owned subsidiary of Rio Tinto and Turquoise Hill shares will cease trading.