Rio Tinto PLC on Wednesday submitted another takeover offer for Turquoise Hill Resources Ltd, the owner of Rio’s massive Oyu Tolgoi copper-gold project in Mongolia.

Rio’s new bid raises its valuation of the 49% of Turquoise that Rio doesn’t already own to around $3.1 billion, up from Rio’s $2.7 billion offer in March. Rio already owns the other 51% in Turquoise.

The London-based miner’s new proposal values each Turquoise share at C$40 per share, around $31, up 18% from its March 12 offer of C$34 per share.

Turquoise shares were last quoted at C$30.19 in Toronto, giving a C$6.10 billion, about $4.69 billion, market capitalisation In the New York pre-market, the stock was up 22% to $28.52, about C$37.09.

Last week Monday, the Quebec-based Turquoise said Rio Tinto’s original offer of C$34 per share did not ‘fully and fairly reflect the fundamental and long-term strategic value’ of its majority ownership in the Oyu Tolgoi project.

Rio Tinto noted that the offer is a 56% premium to Turquoise’s share price of C$25.68 on the Toronto Stock Exchange on March 11, the last trading day before Rio Tinto’s first offer on March 14.

‘The improved proposal reflects full and fair value for the Turquoise Hill minority shareholders and delivers the certainty of cash at a material premium,’ Rio said.

Rio Tinto shares were 2.1% lower at 4,939.00 pence each in London on Wednesday afternoon.

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