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Rio Tinto acquires Turquoise Hill Resources for US$3.3B

Date Closed

December 16, 2022

Lead Office



3.30 Billion USD

On December 16, 2022, Rio Tinto plc completed its US$3.3 billion acquisition of the remaining 49% stake in Turquoise Hill Resources Ltd ("Turquoise Hill"). Rio Tinto now owns a 66% direct interest in the Oyu Tolgoi underground mine in Mongolia, with the remaining 34% owned by Erdenes Oyu Tolgoi LLC, a Mongolian state-owned entity.

Rio Tinto is a multinational metals and mining corporation that produces iron ore, copper, diamonds, gold, and uranium, headquartered in London, United Kingdom.

Turquoise Hill, headquartered in Montréal, Canada, is an international mining company focused on the operation and further development of the Oyu Tolgoi copper-gold mine in southern Mongolia, which is Turquoise Hill’s principal and only material mineral resource property.

McCarthy Tétrault advised Rio Tinto plc with a team led by Shea Small and Eva Bellissimo that included Claire Lehan, Shaun Khullar, Clemens Mayr, Samantha Pettinato, William Lee, Liam Sako, Obruche Heinanen, Kinshuk Jhunjhunwala (Corporate), Raj Juneja, Jeff Oldewening, Erica Hennessey (Tax), Wendy Berman, Shane D’Souza, Erica Baron, François Giroux, Will Main, Ljiljana Stanic, Kevan Hanowski, Emilie Bruneau, Chris Puskas, Mark Risebrough, and Simon Lusztig (Litigation).