Turquoise Hill Resources, operator of the Oyu Tolgoi copper-gold mine in southern Mongolia, has completed a rights offering expected to gross US$2.4 billion. Slightly more than 1 billion common shares will be issued.

The company says it will use the net proceeds to repay amounts oustanding under its US$1.8 billion interim funding facility and its secured US$600 million bridge facility with Rio Tinto.

Turqoise Hill has a 66% interest in the project, and the government of Mongolia holds the remainder. Rio Tinto holds 50.8% of Turquoise Hill, and the Australian company exercised all of its repsective rights issued to it in the rights offering.
Source : Canadian Mining Journal