By Stuart Condie

SYDNEY--Rio Tinto PLC said it has entered a binding agreement with Turquoise Hill Resources Ltd. to acquire the remaining shares in the Mongolia-focused copper miner that it doesn't already own.

Rio Tinto said Turquoise Hill's independent directors had unanimously recommended its cash offer of 43.00 Canadian dollars (US$32.72) per share for all outstanding shares. It previously offered C$40.00 per share.

Turquoise Hill, which is 51%-owned by Rio Tinto, has a 66% interest in the Oyu Tolgoi copper-gold mine in Mongolia.

Rio Tinto expects Turquoise Hill shareholders to vote on the offer in the December quarter and to close the transaction shortly after.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

September 05, 2022 22:47 ET (02:47 GMT)

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