Turquoise Hill shareholders approve Rio Tinto's $3.3 billion buyout offer

Shareholders of Canada-based Turquoise Hill voted Friday in favor of a $3.3 billion bid for Rio Tinto to take private ownership and gain direct control over a giant Mongolian copper mine.

 Turquoise Hill reported that it gave the Anglo-Australian miner a 66% stake in Oyu Tolgoi, the world's largest known copper and gold deposit, by approving 86.6% of Rio Tinto's acquisition of 49% of shares it does not currently hold.

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