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Turquoise Hill Resources Ltd. TRQ


Primary Symbol: T.TRQ

Turquoise Hill Resources Ltd is a global mining company that primarily mines copper, gold, and coal in the Asia-Pacific region. The company holds a 66% interest in Oyu Tolgoi, one of the world's largest copper-gold-silver mines, which ships concentrate to customers in China. Oyu Tolgoi is located in the South Gobi region of Mongolia, approximately 550 km south of the capital, Ulaanbaatar, and 80 km north of the Mongolia-China border. The company also holds interests in companies that mine...


TSX:TRQ - Post by User

Post by petrojellon Jan 30, 2015 9:22am
201 Views
Post# 23381189

SGQ In The News

SGQ In The News

Mongolia jails American, 2 Philippine citizens in tax evasion case

08:56 EST Friday, Jan 30, 2015
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By Terrence Edwards

BEIJING, Jan 30 (Reuters) - Resource-rich Mongolia on Friday jailed an American and two Filipinos for more than five years after finding them guilty of tax evasion, ending a three-year case that deterred investors.

Perceived resource nationalism in Mongolia, fed by suspicion at foreigners taking control of some of the world's largest coal and copper deposits, has led to an annual decline of 71 percent in foreign investment in the year to November 2014.

Prosecutors said a panel of judges levied a fine of $35 billion tugrik ($18 million) on Toronto-listed SouthGobi Resources Ltd., besides the prison terms for the men, former employees of the firm.

The "verdict was guilty," the general prosecutor's office said in a brief statement.

The three men were U.S. citizen Justin Kapla, and Philippine citizens Hilarion Cajucom Jr and Cristobal David.

U.S. Ambassador Piper Campbell and some embassy staff attended the trial, where they noted "several interpretation problems", the U.S. embassy in Mongolia said in a statement.

"Because of these problems, the defendants stated during the trial that they could not understand the interpretation, nor could they express themselves clearly," the embassy added.

The Philippines embassy could not be reached for immediate comment.

Earlier, judges had twice returned the case to prosecutors, citing insufficient evidence.

Travel bans during the investigations have kept the convicted men in Mongolia since May 2012. Kapla registered a case with the U.N. Human Rights Committee after being unable to leave for more than two years.

The case began after Mongolian authorities raided the offices of SouthGobi Resources' mining unit, SouthGobi Sands, in May 2012. SouthGobi mines the Ovoot Tolgoi coal deposit in the Gobi desert, 40 km (25 miles) from the Chinese border.

The raid followed SouthGobi Resources' acceptance of an offer from Aluminum Corp. of China Ltd. to buy a majority stake.

The deal sparked controversy over the prospect of a Chinese state-owned company taking control of the mine. Mongolia adopted new laws that year to curb foreign investment, effectively blocking the deal.

Mongolia has historically been hesitant to hand strategic assets to China after centuries of feuding between the neighbours. (Editing by Clarence Fernandez)

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