An international arbitration tribunal has ordered Mongolia to fork over $100 million for expropriating the Dornod uranium project from Khan Resources (CNSX:KRI) back in 2009.
Rio Tinto and Mongolia have made a breakthrough in a tax dispute that has been among issues stalling development of the $6.5 billion Oyu Tolgoi copper mine, according to an official familiar with the government's position.
Mongolia may give up government shareholding in mining projects altogether.
Banned from travel since 2012, three SouthGobi workers, a coal firm owned Vancouver's Turquoise Hill, are now going to jail for 5-6 years for tax evasion.
Documents obtained and verified by The Australian, show that Rio Tinto offered Mongolia to forsake a “net smelter return” of 2% cent of the project’s revenue.
Higher grades boost fourth quarter production despite concentrator fire at Oyu Tolgoi in Mongolia.
Vancouver's Turquoise Hill lowers output estimates for Mongolian mine to 600,000oz–700,000oz of gold and 175,000t–195,000t of copper in concentrates.
Nominee Amarjargal Renchinnyam is a respected economist who could help bring Vancouver firm's $5bn Oyu Tolgoi copper-gold expansion project back on track.
Mine operator and Rio's subsidiary Turquoise Hill said Monday they have made an offer to the government of Mongolia to resolve matters in a manner deemed "beneficial to all stakeholders.”
What happens next is critical say mining companies currently operating in the country.
According to The Times, Rio flagged the possibility of a writedown in August.
The underground portion of the Oyu Tolgoi copper-gold complex is no closer to fruition, after the parties behind the US$5 billion operation let a Sept. 30 financing deadline lapse without applying for an extension.
Work on feasibility study for $6bn underground expansion of massive Mongolian copper-gold mine can resume after confirmation tax dispute is settled for $100m less.
Mongolia knocks $100m off tax claim to revive expansion of massive copper-gold mine owned by Rio Tinto unit Turquoise Hill.
One of the two tailings thickeners experienced rake failure last Friday.
Talks ahead of September 30 funding deadline continue and feasibility study for $5bn expansion of Mongolia mine almost complete, but huge gaps remain.
The move aims to shift blame for delays away from the government.
New law expands the proportion of Mongolia’s area available to mining and exploration from 8% to 20%, among other investor-friendly changes.
Mongolia blocks accused from leaving country, often for years.
The long-dragged dispute between Rio and the Mongolian government over a $6.6 billion underground expansion of Oyu Tolgoi has hit a fresh impasse.
The revisions to the country's mining law would increase the area available to exploration to 20%t from around 8%.
Amid the miner's efforts to reduce costs at its gigantic copper and gold operation in Mongolia.
Foreign direct investment in the central Asian country dropped 50% last year.
Production of the steel-making material, however, increased by 16%, which means the miner is on track to meet its full-year target.
But production at massive Mongolian mine slips and shares take a beating.
Operator Turquoise Hill may need to ask lenders to extend financing for the $6.2 billion mine extension.
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