Rio Unit Prepares $2.4 Billion Share Offer for Mongolia Mine
Turquoise Hill Resources Ltd. (TRQ:US), the Rio Tinto Group unit that produces copper in Mongolia, may go ahead with a $2.4 billion share offer after it failed to arrange funding to expand its Oyu Tolgoi mine.
Turquoise Hill, which owns 66 percent of Oyu Tolgoi, was unable to obtain long-term project financing because of uncertainty about when it will resolve disagreements with its other shareholder, Mongolia’s government, the Vancouver-based company said yesterday in a statement.
Read more at: http://www.businessweek.com/news/2013-11-14/rio-unit-readies-2-dot-4-billion-rights-offer-for-mongolia-mine-1
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