Kennecott Mineral's parent company has stated that BHP Billiton's offer was low.
SYDNEY, AUSTRALIA -- The parent company of Kennecott Minerals, Rio Tinto, is once again rejecting a buyout offer from a rival Australian mining company.
Rio Tinto turned down BHP Billiton's $147 billion offer Wednesday. It's the second time in a year Rio has rejected an offer from BHP.
Rio's board of directors was unanimous in its decision, saying the figure does not reflect the company's value.
Kennecott Project Eagle Manager Jon Cherry told TV6 that it's still business as usual for their proposed mine on the Yellow Dog Plains.
TV Station Profiles & Public Inspection Files forWLUC