 Turquoise Hill Resources Ltd TSX:TRQ, the developer of the Oyu Tolgoi copper-gold mine in Mongolia, has rejected Rio Tinto PLC LSE:RIOs US2.7bn offer to buy the 49 interest it does not already hold in the Canadian company. Turquoise Hills special committee of independent directors said Rio Tintos C34 per share offer does not fully and fairly reflect the fundamental and long-term strategic value of the companys majority ownership of Oyu Tolgoi. 