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.
Turquoise Hill Mining News
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.
Erdenes Tavan Tolgoi (ETT), the state-owned company that holds the license to the deposit, has already begun evaluating bids and calculating the potential economic benefits of restarting it.
Lower grades and reduced mining at open pit expected with massive underground expansion of Mongolian mine at least five years away.
The company's Bayan Khundii project went from greenfield prospect to the company’s flagship asset in roughly nine months.
The mining giant is said to have hired Goldman Sachs as an adviser to look at a two-step wrap-up of the Vancouver-based firm.
Construction of the massive mine's underground portion will begin within months, with first production expected by 2020.
During the PFI Awards Dinner held in London on Feb. 3.
The $4.4 billion deal involved international financial institutions and export credit agencies representing the governments of the U.S., Canada and Australia, along with 15 commercial banks.
The agreement, which is said to involve up to 15 banks, could be signed as early as Wednesday.