Canadian miner Turquoise Hill said 86.6% of its shareholders have voted in favor of Rio Tinto’s $3.3 billion takeover bid, reported Reuters. 

 

The news agency said Rio Tinto will acquire 49% of shares that it does not already own in Turquoise Hill, giving the miner a 66% stake in Oyu Tolgoi, the world's largest known copper and gold deposit, which is located in the South Gobi region of Mongolia.

The deal was also approved by about 60.5% of the votes from minority shareholders.

The vote clears the way for Rio Tinto to gain more autonomy over Oyu Tolgoi, which is owned by Turquoise Hill (66% ) and the Mongolian government (34%). The mine is operated by Rio Tinto.

Turquoise Hill said it expects the deal to be completed by or shortly after December 16.

Source: Reuters