Rio Tinto has agreed to pay $3.3bn to take full ownership of Canada’s Turquoise Hill, giving it greater control over the Oyu Tolgoi copper mine in Mongolia.
The move will boost Rio Tinto’s exposure to copper, which is expected to benefit from the climate change plans of governments that rely heavily on renewables and electric vehicles in which the metal is used in vast quantities.
The deal represents an increase on the FTSE 100 miner’s original offer in March of $2.7bn to buy out minority shareholders in the Toronto-listed group, which it last month sweetened to $3.1bn.
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