Erdenes Oyu Tolgoi LLC
Feb 14, 2014
Press release
Further to our press release dated 18th November,
2013 and Turquoise Hill Resources (TRQ) press release dated 12th
Feb 2014, Erdenes Oyu Tolgoi LLC (EOT),
34% shareholder of the Oyu Tolgoi LLC (OT), wishes to clarify its current
status in resolving outstanding issues.
The TRQ press release dated 12th February, 2014
has announced that an option to restart the underground development has been
proposed. The timing of shareholder approval and continuation of the underground expansion operation are dependent on the
completion of the Feasibility Study. We understand that Feasibility Study for
the underground development (including the underground investment proposal)
will be delivered by Rio Tinto (RT) in Q2, 2014.
Through ongoing discussins, the EOT, TRQ and RT are
currently resolving all outstanding issuess and proceeding to the finalization
of the 4.2 billion USD project financing. Our proposal is that project
financing should be fully committed to the underground mine development.
The EOT remains fully committed to the continued anad
successful operation of the open pit mine, the financing and development of the
underground mine, and as a shareholder of the OT, the terms of the Investment
Agreements.
Source:Erdenes Oyu Tolgoi, Mongolian Government owned holding company, counterpart in the OT joint venture
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