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.
Turquoise Hill Mining News
The company expects Oyu Tolgoi will be the world’s third-largest copper producer at peak metal production.
First production from the $5.3 billion underground expansion of Oyu Tolgoi was originally scheduled for early 2020.
The listing also makes Erdene the only precious metals exploration and development company currently registered on the exchange.
The companies are committed to explore for mineral deposits first in the Asian country and then the rest of the world .
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.
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.
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.
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.
Ulaanbaatar orders Rio Tinto to build domestic power plant for $5.3 billion expansion of Oyu Tolgoi copper-gold mine.
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%.
Accompanied by OT Watch and Accountability Counsel, herders in the South Gobi used the IFC’s complaint office to negotiate agreement.
Mongolia’s renewed efforts to attract foreign investment it’s bearing its first fruits.
Vancouver-based company's Mongolian copper and gold mine expected to be the world's third largest after underground expansion.
While the company had other projects in the country, the Bayan Khundii gold project went from greenfield prospect to being its main asset in roughly nine months.
Bayan Khundii project went from greenfield prospect to being Erdene’s flagship asset in roughly nine months.
Move follows extensive talks with Chinese and Mongolian authorities.
Chief executive Jean-Sebastian Jacques comments come as the company had to suspend shipments from the Mongolian mine last week.