Mining major Rio Tinto (NYSE:RIO) has offered to acquire the 49% stake of Canada’s Turquoise Hill Resources that it does not already own for about $2.7 billion.
A deal would give the company more direct control over the Oyu-Tolgoi copper mine project in Mongolia, which has faced hiccups partly due to its complex ownership structure and disputes between Rio, the Mongolian government, and Turquoise Hill.
Copper is seen as a key metal in the ongoing green energy transition. This deal could better position Rio to iron out issues and boost supply.
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