Battery metals investment vehicle Vision Blue will own about 25% of Cornish Metals and will have a seat on its board.

Analysts predict Turquoise Hill investors will seek a higher offer than the current C$34/share bid, perhaps greater than C$50/share.

Operations at the massive copper mine have been suspended since Feb. 28 after protestors cut water access and blocked a key railroad.

The move gives Mineral Resources access to early-stage lithium projects in the Pilbara and Goldfields, where it already has existing operations.

Buying the remaining 49% of the Canadian miner would give Rio control of the vast Oyu Tolgoi copper mine, its most important growth project.

The 2-billion-tonne iron ore deposit has sat undeveloped in Guinea's southeast for 25 years.

It said is on track to ramp up to full production at the gold mine, located in the country’s northern Atacama region, by mid-year.

The decision throws into doubt the future of Rio's aluminum joint venture with Rusal and an Irish refinery, key to Europe’s aluminum sector.

“The reality is, Mongolia has two very big powerful neighbours, so it’s quite important for us to maintain healthy, peaceful, balanced relationships.”

Covid-triggered staff absences and the country’s labour reform restricting the ability to subcontract workers, weighed on production.