Rio Tinto has been “disappointed” with the decision of the Turquoise Hill special committee.

Turquoise Hill Resources has rejected the offer presented by the British Rio Rinto, its main shareholder, to take over 49% of the company that it did not own for an amount of about 3,367 million Canadian dollars (about 2,567 million euros), considering that it does not “fully and fairly reflect the fundamental and long-term strategic value” of the company’s majority stake in the Oyu Tolgoi project.

In this way, the decision of the special committee appointed by Turquoise Hill blocks Rio Tinto‘s options to gain control of the copper and gold mining project in Mongolia.

The president of the special committee, Maryse Saint-Laurent, considered that market conditions in the stock and copper markets “have changed significantly since the proposal was received,” the Canadian company reported.

For its part, Rio Tinto was “disappointed” with the decision of the special committee of Turquoise Hill and assured that it continues to believe that the terms of the proposed transaction “offered an attractive value for the minority shareholders of the Canadian mining company.

Last March, Rio Tinto presented its non-binding offer to acquire the 49% of the capital of Turquoise Hill Resources that it does not own for a cash payment of 34 Canadian dollars per share.

If the deal went through, Rio Tinto would hold a 66% interest in the Oyu Tolgoi project, while Mongolia would hold the remaining 34%.