COPPER: Tuquoise Hill makes US$2.4B rights offering
VANCOUVER – Turquoise Hill Resources, operator of the Oyu Tolgoi copper-gold mine in southern Mongolia, has completed a rights offering expected to gross US$2.4 billion. Slightly more than 1 billion common shares will be issued.
The company says it will use the net proceeds to repay amounts oustanding under its US$1.8 billion interim funding facility and its secured US$600 million bridge facility with Rio Tinto.
Turqoise Hill has a 66% interest in the project, and the government of Mongolia holds the remainder. Rio Tinto holds 50.8% of Turquoise Hill, and the Australian company exercised all of its repsective rights issued to it in the rights offering.
To learn more about Oyu Tolgoi, visit TurquoiseHill.com.
The company says it will use the net proceeds to repay amounts oustanding under its US$1.8 billion interim funding facility and its secured US$600 million bridge facility with Rio Tinto.
Turqoise Hill has a 66% interest in the project, and the government of Mongolia holds the remainder. Rio Tinto holds 50.8% of Turquoise Hill, and the Australian company exercised all of its repsective rights issued to it in the rights offering.
To learn more about Oyu Tolgoi, visit TurquoiseHill.com.
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