Global miner Rio Tinto has revised its offer price to acquire the remaining 49% stake in Canada’s Turquoise Hill Resources, valuing the latter’s minority share capital at around $3.1bn.

Under Rio Tinto‘s new offer, Turquoise Hill’s minority shareholders would receive C$40 ($31) for each share held.

Last week, the Canadian firm turned down Rio Tinto’s previous offer of C$34 ($26.66) a share, proposed in March 2022, citing it did not ‘reflect full and fair value’.

Rio Tinto CEO Jakob Stausholm said that the improved offer provides ‘full and fair value’ for Turquoise Hill shareholders.

Stausholm commented: “We will continue to take a disciplined approach to capital allocation and strongly encourage the board of Turquoise Hill to engage constructively, and to support and recommend in favour of Rio Tinto’s improved proposal.”

Turquoise Hill owns a 66% stake in the Oyu Tolgoi project, which is one of the world’s largest known copper and gold deposits located south of Mongolia’s Ulaanbaatar.

Turquoise Hill’s board is currently reviewing the revised proposal.

The Mongolian Government holds the remaining 34% interest in the Oyu Tolgoi project.

However, Rio Tinto’s new offer is subject to Turquoise Hill not raising the necessary equity of more than $1bn to fund the project.

The revised offer provides an 18% premium to Rio Tinto’s last takeover bid and a 56% premium to the closing price of Turquoise Hill on the Toronto Stock Exchange on 11 March 2022.