Rio’s Turquoise Hill Says Parties to Seek OT Funding Extension

Turquoise Hill Resources Ltd. (TRQ), the miner controlled by Rio Tinto Group, said all parties in the Oyu Tolgoi copper mine in Mongolia agreed to seek a funding extension for the underground expansion amid talks with the government.

Requests to extend the funding commitments to Sept. 30 will be sent to lenders, Kay Priestly, chief executive officer of Vancouver-based Turquoise Hill, said in statement yesterday.

Mongolia’s government and Rio Tinto have been in talks over disputes related to the mine including cost overruns and the financing conditions. Rio laid off 1,700 workers and put the underground tunneling on care and maintenance mode in August.

“All parties remain committed to the underground development of Oyu Tolgoi and to resolving the outstanding shareholder issues,” Turquoise Hill’s Priestly said. “Constructive discussions between all parties have resulted in significant progress being made in resolving the issues, and those discussions are continuing.”

Oyu Tolgoi is the largest single investment in the history of Mongolia, according to the project’s website. Rio controls the project through its 51 percent stake in Turquoise Hill Resources, which owns 66 percent of Oyu Tolgoi LLC. The Mongolian government holds the remaining 34 percent.

Source: Bloomberg
Share:

0 comments:

Post a Comment

Facebook page

Powered by Blogger.

Categories

Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive

Followers

Live Traffic