UPDATE 1-Rio Tinto completes $3.3 bln Turquoise Hill deal for larger share in Mongolia project

(Updates with context, remark)

Dec 16 (Reuters) – Rio Tinto Ltd stated on Friday it had accomplished its lengthy drawn-out acquisition of remaining 49% stake in Turquoise Hill Sources, giving the Anglo-Australian agency a 66% stake in Mongolia’s Oyu Tolgoi, the world’s largest recognized copper and gold deposit.

Turquoise Hill shareholders final week voted in favour of Rio Tinto’s $3.3 billion bid to take the Canadian firm personal after months of forwards and backwards.

Minority shareholders had been in opposition to the deal over valuation, and no. 2 shareholder Pentwater Capital Administration accused Rio of concealing delays and big price overruns at Oyu Tolgoi.

The bigger stake in Oyu Tolgoi will assist Rio Tinto compete higher with BHP Group over battery metals manufacturing because the world hurries up the shift in the direction of inexperienced financial system.

BHP Group final month made a renewed $6.5 bln play for copper miner OZ Minerals, doubtlessly permitting the miner to consolidate its copper belongings in South Australia if the deal goes by way of.

“We now have an easier and extra environment friendly possession and governance construction with our companion the Authorities of Mongolia, as we proceed collectively in the direction of sustainable manufacturing from the underground mine,” Rio Tinto’s copper chief govt Daring Baatar stated.

Shares of Rio Tinto completed 0.8% greater on the Australian Inventory Trade. (Reporting by Sameer Manekar in Bengaluru; Enhancing by Rashmi Aich and Subhranshu Sahu)