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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... see more

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Turquoise Hill Resources Ltd. > Mongolia seeks deal with Rio Tinto to end Oyu Tolgoi expansi

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Post by thasis on Feb 08, 2021 11:20am

Mongolia seeks deal with Rio Tinto to end Oyu Tolgoi expansi

Mongolia seeks deal with Rio Tinto to end Oyu Tolgoi expansion

Feb. 08, 2021 10:33 AM ETRio Tinto Group (RIO)By: Carl Surran, SA News Editor3 Comments

Mongolia's government is seeking an agreement from Rio Tinto (RIO +1.3%) to terminate a deal to expand the Oyu Tolgoi copper mine, the Financial Times reports.
The government has asked Rio if it is prepared to mutually end the underground expansion plan, rather than acting unilaterally and risking future foreign investment, according to the report.
The expansion has been delayed by a dispute over funding as the Mongolian government seeks a bigger share of the profits, even as costs have soared to ~$6.75B because of difficult geology.
The government owns a 34% stake in the project, while Rio Tinto-controlled Turquoise Hill (TRQ +3.2%) owns the rest.
Last week, Turquoise Hill received a temporary order for urgent interim relief in its arbitration proceedings with Rio over Oyu Tolgoi funding options.