Shares of Turquoise Hill Resources Ltd. TRA, TRQ, +25.67% rallied 22% in premarket trades on Wednesday after Rio Tinto Plc RIO, -2.96% RIO, -2.31% said it would hike its offer to value the Canadian mining company at $3.1 billion. Rio Tinto increased its buyout price for the 49% of Turquoise Hill it doesn’t currently own to C$40 a share from its March 14 offer of C$34 a share. Rio Tinto already owns 51% of Turquoise Hill, which is developing the Oyu Tolgoi copper-gold mine in southern Mongolia. Rio Tinto CEO Jakob Stausholm said it believes the offer “not only provides full and fair value for Turquoise Hill shareholders, but is in the best interests of all stakeholders as we work to move the Oyu Tolgoi project forward.” A spokesperson from Turquoise Hill did not respond to an email from MarketWatch. U.S.-listed shares of Rio Tinto are down 8.7% in 2022, compared to a drop of 13.4% by the S&P 500 SPX, +0.19%.
