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.
Engineering and project management company AMEC has began advertising for workers on what appears to be the famous mine.
No progress in talks with Mongolia on underground expansion and a couple of production and sales hiccups.
Year to date shares of the operator of the giant Oyu Tolgoi copper-gold mine in Mongolia is up 21%.
Canadian Business' list of Canada's most well-to-do shows which billionaires lost the most in 2013.
Company has a few more months to wrangle with the Mongolian government.
The owner of the massive Oyu Tolgoi copper-gold mine in Mongolia is doubling its shares outstanding with a $2.4 billion rights offer.
Shareholders of Turquoise Hill Resources would be wise to participate in an upcoming rights offering.
But much of that optimism is centred on positive outcome over Oyu Tolgoi expansion.
Financing arrangements with the Mongolian government have so far failed.
Oyu Tolgoi Chairman: I have seen excitement about Mongolia reach fever pitch and drop off a cliff multiple times.
Operator Turquoise Hill expected to confirm news at some point Monday.
Rio Tinto has tried to get approval from Mongolia for its financing proposal since last winter, but the government has not yet offered a direct reply.
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