Turquoise Hill Resources, Rio Tinto and the Government of Mongolia continue to work together with the aim of resolving the remaining shareholder matters and finalizing project finance to further develop the underground mine at Oyu Tolgoi.
The parties continue to engage and while progress has been made, resolution of outstanding matters had not been reached between the parties as of September 30, the current expiration date for the project finance lender commitments. To date, no requests have been made to extend the lender commitments, although there is ongoing engagement with the financial institutions.
Underground development is subject to resolution of remaining shareholder matters, agreement of a comprehensive funding plan including project finance, approval of the feasibility study by shareholders and acceptance by the Mongolian Minerals Council and receipt of necessary permits.
Based on the progress of negotiations, the shareholders will consider the timing of requesting an extension of commitments from the project finance lenders in due course.
Turquoise Hill Resources is an international mining company focused on copper-gold and coal mines in Mongolia. The company’s primary operation is its 66% interest in the Oyu Tolgoi copper-gold-silver mine in southern Mongolia.