(Alliance News) - Rio Tinto PLC reported on Friday that it has received the required support from Turquoise Hill Resources Ltd shareholders for its proposed acquisition of the 49% stake in the firm it does not already own.
Vancouver-based Turquoise Hill Resources owns 66% of the massive Oyu Tolgoi copper-gold mine in Mongolia, with the Mongolian government holding the remaining 34%.
The miner said that the transaction remains subject to the final approval of the Supreme Court of Yukon in Canada. A hearing regarding the acquisition is scheduled for December 14. Completion of the acquisition expected in the days following court approvals.
On September 6, Rio Tinto reached an agreement with Turquoise Hill on an improved CAD43-per-share, around USD33.00, takeover offer.
Shares in Rio Tinto finished 1.2% higher at 5,847.00 pence on Friday in London.
By Heather Rydings, Alliance News senior economics reporter
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Rio Tinto (RIO)
