Turquoise Hill is an international mining company focused on the operation and continued development of the Oyu Tolgoi copper-gold mine in Mongolia
Turquoise Hill Announces Postponement of Special Meeting. (Credit: Wim van 't Einde on Unsplash)
Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ) (“Turquoise Hill” or the “Company”) today announced that the special committee of the Company’s independent directors (the “Special Committee”) has been working with Rio Tinto International Holdings Limited (“Rio Tinto”) to address the Special Committee’s concerns with respect to the differential treatment of the Company’s minority shareholders in connection with the Company’s proposed plan of arrangement with Rio Tinto (the “Arrangement”) as a result of the agreements entered into between Rio Tinto, Rio Tinto plc and certain shareholders of the Company related to Pentwater Capital Management LP and SailingStone Capital Partners LLC on November 1, 2022 (the “Agreements”), the details of which were described in the Company’s press release of November 2, 2022. In addition, the Company and Rio Tinto have been advised by the Autorité des marchés financiers (the “AMF”) that, in light of the announcement of the Agreements last week, the AMF considers the transaction as currently structured to raise public interest concerns.
The Special Committee has been engaged with Rio Tinto in order to address the differential treatment of minority shareholders resulting from the Agreements. In the event that terms are reached that satisfy the Special Committee’s concerns, the Company will provide shareholders with supplemental disclosure regarding such revised terms. In order to provide shareholders with sufficient time to consider such supplemental disclosure, the Company has determined to adjourn the special meeting of Turquoise Hill shareholders (the “Special Meeting”), currently scheduled for November 15, 2022 at 10:30 a.m. (Eastern time), to a date to be determined.
Turquoise Hill is an international mining company focused on the operation and continued development of the Oyu Tolgoi copper-gold mine in Mongolia, which is the Company’s principal and only material mineral resource property. Turquoise Hill’s ownership of the Oyu Tolgoi mine is held through a 66% interest in Oyu Tolgoi LLC; Erdenes Oyu Tolgoi LLC, a Mongolian state-owned entity, holds the remaining 34% interest.
Source: Company Press Release