Turquoise Hill Resources says it has scheduled a special meeting of shareholders on 1 November in connection with Anglo-Australian mining giant Rio Tinto acquiring full ownership in the Canadian mining company.

The Supreme Court of the Yukon has also issued an interim order authorising the special meeting to consider Rio Tinto’s $3.3 billion acquisition of 49% of the Turquois Hill stock it does not own. Rio Tinto will pay CAD 43.00/share ($32.70/share) and the purchase, if approved, will end a six-month battle and give Rio Tinto greater control over the Oyu Tolgoi copper mine in Mongolia.

The deal must be approved by two-thirds of Turquoise Hill shareholders. More than 50% of minority shareholders must also vote in support, Kallanish notes.

The project has been jointly owned by the government of Mongolia (34%) and Quebec-based Turquoise Hill Resources (66% with Rio Tinto owning a controlling interest of 50.8%). Rio Tinto has managed the project since 2010. Production started from the open pit mine in 2013.

The $7 billion underground mine expansion began production last January. The complex is projected to be the fourth-largest copper mine in the world by 2030. It is expected to produce 500,000 tonnes/year of copper on average from 2028 to 2036 from an open pit and an underground mine. The underground ore reserve has an average copper grade of 1.52% and also contains 0.31 grams/t of gold.