SailingStone Capital, the second largest shareholder in Rio Tinto- controlled Turquoise Hill is expected to vote against the re-election of the Canadian miner’s board members this week.
Oyu Tolgoi Mining News
Rio has so far drilled 24 holes at the site and will continue extensive drilling in months to come as part of its $250 million exploration program.
Investment will go towards more drilling, orebody studies, infrastructure improvements and permitting activities.
Miner will pay a special dividend worth $4 billion, or $2.43 cent a share, as it recorded its highest annual underlying earnings in the last five years.
The world's second largest miner has confirmed an "exciting" copper find at its Winu project, in the Paterson Range in the East Pilbara.
First production from the $5.3 billion underground expansion of Oyu Tolgoi was originally scheduled for early 2020.
Mining giant running out of time to secure power supplies
The listing also makes Erdene the only precious metals exploration and development company currently registered on the exchange.
The Halifax, Nova Scotia-based miner also said it had launched an offering of common shares to Mongolian residents, as well as a concurrent non-brokered private placement, which in combination are expected to raise up to $4.4 million.
Rio Tinto has called for less interference at its giant copper and gold mine in Mongolia, as it moves forward with an underground expansion.
Chief executive Jean Sebastien-Jacques said the challenge for the industry is to ensure the benefits from the past frugal years are not lost against a backdrop of rising oil prices and increased political risk.
Indicated and inferred gold equivalent resources increased by whooping 208% and 172% respectively, when compared to the project’s maiden mineral resource estimate of 2015.
It is not conclusive that Rio avoided WHT on interest on shareholder loans, and there is no clear evidence to support the claims of treaty abuse.
A Mongolian former finance minister, Bayartsogt Sangajav, has been arrested as part of an investigation into suspected abuse of power during investment talks for the giant Oyu Tolgoi copper mine in 2009.
The Swiss attorney general’s office launched its probe in 2016, court documents show.
Oyu Tolgoi booked $939.8 million in revenue for 2017, down from $1.2 billion the previous year.
Request relates to an investigation about possible abuse of power by authorized officials during negotiation of the 2009 Oyu Tolgoi investment agreement.
Majority owner Turquoise Hill Resources Ltd said that it expected to make up any sales-related effect over the next few quarters.
Move would add further costs to an ongoing $5.3 billion underground expansion of the massive mine.
Tensions have mounted between the Mongolian government and its fellow shareholders in Oyu Tolgoi, where Rio Tinto is operating a huge underground extension.
Dutch non-profit organization claims Rio and its Canadian subsidiary Turquoise Hill used a complex network of tax haven subsidiaries and lending money to itself at high interest rates.
The new unit, under Mongolian leadership, will focus on exploration and local ties.
Measure was taken as Chinese coal haulers continue to disrupt deliveries near the border with Mongolia, the mine's majority owner Turquoise Hill said.
Rio Tinto-controlled Turquoise Hill said the bill relates to an audit on taxes imposed and paid by the mine operator between 2013 and 2015.
Rio Tinto-controlled Turquoise Hill is also predicting costs to fall about 2.8%.