Rio Tinto PLC on Thursday said it revised its funding arrangements with Turquoise Hill Resources as the Canadian mining firm continues to evaluate Rio Tinto’s all-cash takeover proposal.

Rio Tinto said it agreed to amend the previously agreed funding plan with Turquoise Hill in order to provide liquidity of up to $400 million in short-term early advances. This will be used to fund the ongoing development of the Oyu Tolgio underground project in Mongolia.

The company also extends the deadline to conduct an initial equity offering of $650 million to the end of 2022 from the end of August.

The FTSE 100-listed company added that Turquoise Hill is continuing to evaluate its C$34 per share - around $26.48 - proposal. Rio Tinto is offering to acquire the remaining 49% of the miner that it does not currently own.

Shares in Rio Tinto were down 1.3% at 5,305.00 pence on Thursday morning in London.

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