M&A Deal Summary

Rio Tinto Acquires Turquoise Hill Resources

On November 17, 2022, Rio Tinto acquired metals/mining company Turquoise Hill Resources for 3.1B USD

Acquisition Highlights
  • This is Rio Tinto’s 7th transaction in the Metals/Mining sector.
  • This is Rio Tinto’s 3rd largest (disclosed) transaction.
  • This is Rio Tinto’s 3rd transaction in Canada.
  • This is Rio Tinto’s 2nd transaction in Quebec.

M&A Deal Summary
Date 2022-11-17
Target Turquoise Hill Resources
Sector Metals/Mining
Buyer(s) Rio Tinto
Deal Type Add-on Acquisition
Deal Value 3.1B USD

Target

Turquoise Hill Resources

Montreal, Quebec, Canada
Turquoise Hill Resources is a mining company that focuses on the operation and further development of the Oyu Tolgoi copper-gold mine in Southern Mongolia, which is the Company's principal material mineral resource property. The Company's Oyu Tolgoi mine is held through approximately 65% interest in Oyu Tolgoi LLC (Oyu Tolgoi) and the remaining approximately 35% interest is held by Erdenes Oyu Tolgoi LLC (Erdenes). Its Oyu Tolgoi mine is located approximately 550 kilometers south of Ulaanbaatar, Mongolia's capital city, and 80 kilometers north of the Mongolia-China border. The Company's Mineralization on the property consists of porphyry-style copper, gold, silver, and molybdenum contained in a linear structural trend (the Oyu Tolgoi Trend) of deposits throughout this trend. They include, from south to north, the Heruga Deposit, the Oyut deposit, and the Hugo Dummett deposits (Hugo South, Hugo North and Hugo North Extension). Turquoise Hill Resources is based in Montreal, Quebec.

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Buyer(S) 1

Buyer

Rio Tinto

London, United Kingdom
Category Company
Founded 1873
Sector Metals/Mining
Employees57,000
Revenue 54.0B USD (2023)
DESCRIPTION

Rio Tinto is a mining and metals company. The company engages in finding, mining and processing the Earth's mineral resources. Company take a long-term, disciplined approach, developing and running long-life, low-cost, expandable operations that are capable of delivering value throughout the cycle. Rio Tinto was founded in 1873 and is based in London, England.

DEAL STATS #
Overall 8 of 9
Sector (Metals/Mining) 7 of 8
Type (Add-on Acquisition) 6 of 7
State (Quebec) 2 of 2
Country (Canada) 3 of 3
Year (2022) 2 of 2
Size (of disclosed) 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-28 Rincon Lithium Project

Salta Province, Argentina

Rincon Lithium Project is an undeveloped lithium brine project located in the heart of the lithium triangle in the Salta Province of Argentina, an emerging hub for greenfield projects. The project is a long life, scaleable resource capable of producing battery grade lithium carbonate. Rincon Lithium Project is based in Salta Province, Argentina.

Buy $825M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-10-09 Arcadium Lithium

Buenos Aires, Argentina

Arcadium Lithium is a global lithium chemicals producer committed to safely and responsibly harnessing the power of lithium to improve people’s lives and accelerate the transition to a clean energy future. Arcadium Lithium is based in Buenos Aires, Argentina.

Buy $6.7B
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