This is why commodities will be the defining sector over the next decade
Unpacking the poorly understood world of commodity inventories.
Canadian miner Turquoise Hill Resources Ltd said on Tuesday it would delay by a week to Nov. 8 a special shareholder meeting to vote on a proposed takeover by Rio Tinto Plc following a request from the mining giant.
Rio has proposed a $3.3 billion deal for Turquoise Hill shares it does not already own, seeking a 66% stake in Oyu Tolgoi in Mongolia, the world’s largest known copper and gold deposits.
Rio raised its offer to C$43-per-share but still faces opposition from multiple parties including Turquoise Hill’s second-largest shareholder Pentwater Capital Management, as well as proxy advisor Institutional Shareholder Services (ISS).
(By Ruhi Soni; Editing by Sriraj Kalluvila)
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