Rio Tinto will need to up its bid to take direct ownership of a copper mine in Mongolia.
Turquoise Hill Resources has ended talks with Rio about the takeover plan, with the committee determining that Rio's offer of C$34 ($26.57) per share was too low.
?Although we are ceasing further engagement with respect to Rio Tinto?s proposal, we look forward to continuing our relationship as we work together to realise the full potential of the Oyu Tolgoi project for the benefit of all shareholders, stakeholders and owners,? said Turquoise Hill Chairman Peter Gillin.
Copper was fetching about $US4.60 a pound when Rio lobbed its bid in March, but prices slumped in July.
The current price is $US3.60 a pound.