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Rio Tinto PLC on Friday announced that it completed its acquisition of the remainder of Vancouver-based Turquoise Hill Resources Ltd for $3.1 billion.
Miner Rio said this will simplify its ownership of the Oyu Tolgoi mine in Mongolia, thus strengthening its copper portfolio.
Rio Tinto now holds a 66% direct interest in the Oyu Tolgoi project with the remaining 34% owned by the government of Mongolia.
Turquoise Hill has become a wholly-owned subsidiary of Rio Tinto and will be delisted.
On September 6, Rio Tinto reached an agreement with Turquoise Hill on an improved C$43-per-share, around $33.00, takeover offer.
Rio Tinto shares were 0.1% higher at 5,665.00 pence each on Friday morning in London.
By Tom Budszus, Alliance News reporter
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