By Adriano Marchese

Turquoise Hill Resources Ltd.'s New York-listed shares jumped in premarket trading Monday morning after Rio Tinto PLC made a nonbinding proposal to acquire the remaining 49% of the company.

At 6:19 a.m. ET, Turquoise Hill's shares in New York were up 27% at $25.55.

The Canadian miner, which operates and develops the Oyu Tolgoi copper-gold mine in southern Mongolia, was offered 34 Canadian dollars (US$26.68) in cash a share.

The 32% premium to Friday's closing price values Turquoise Hill at $2.7 billion.

In late January, Rio Tinto reached agreements with Turquoise Hill Resources Ltd. and Mongolia's government on the Oyu Tolgoi mine expansion in South Gobi desert that have led the partners to approve the start of underground operations.

Turquoise Hill owns 66% of Oyu Tolgoi, with the remaining 34% held by a Mongolian state-owned entity.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

March 14, 2022 06:37 ET (10:37 GMT)

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