Rio maintains Turquoise Hill stake
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Rio Tinto (RIO) has acquired $C1.29 billion ($A1.32 billion) worth of shares in Canadian miner Turquoise Hill Resources under a rights offering but has kept its stake unchanged.
In a statement to the Australian Securities Exchange, Rio Tinto said it kept its shareholding steady at 50.8% after the rights offering closed yesterday and was fully subscribed.
Rio Tinto acquired 510,983,220 shares in its subsidiary Turquoise Hill at a cost of $C2.53 per share.
Turquoise Hill plans to use some funds from the offer to repay amounts outstanding under the $US1.8 billion ($2 billion) interim funding facility and the $US600 million secured bridge funding facility provided by Rio Tinto.
Rio Tinto said its acquisition of extra shares was made in conformity with its contractual obligations and it has no present intention of buying more shares in Turquoise Hill.
Turquoise Hill owns 66% of Mongolian copper and gold mine Oyu Tolgoi, which expects production to double in 2014.
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