Horizon Copper Reports Favorable Outcome for Entrée Resources Arbitration Proceedings
Horizon Copper (HNCUF) announces a favorable arbitration outcome for Entrée Resources regarding its Joint Venture Agreement (JVA) on the Oyu Tolgoi copper project in Mongolia. The international arbitration Tribunal issued a partial final award on December 19, 2024, upholding key aspects of Entrée's JVA with Oyu Tolgoi (OTLLC). The ruling confirms OTLLC's obligations to provide an executed JVA copy and facilitate the transfer of the Shivee Tolgoi and Javhlant mining licenses. Additionally, any taxes and fees for the license transfer will be subject to JVA terms, with OTLLC contributing Entrée's 20% share as a loan. Horizon Copper maintains 24% equity ownership in Entrée, providing exposure to the Hugo North Extension of the Oyu Tolgoi mine.
Horizon Copper (HNCUF) annuncia un esito favorevole dell'arbitrato per Entrée Resources riguardante il suo Accordo di Joint Venture (JVA) sul progetto di rame Oyu Tolgoi in Mongolia. Il Tribunale internazionale di arbitrato ha emesso un premio finale parziale il 19 dicembre 2024, confermando aspetti chiave del JVA di Entrée con Oyu Tolgoi (OTLLC). La sentenza conferma gli obblighi di OTLLC di fornire una copia firmata del JVA e facilitare il trasferimento delle licenze minerarie di Shivee Tolgoi e Javhlant. Inoltre, eventuali tasse e commissioni per il trasferimento della licenza saranno soggette ai termini del JVA, con OTLLC che contribuirà con la quota del 20% di Entrée come prestito. Horizon Copper detiene il 24% di proprietà azionaria in Entrée, fornendo esposizione all'estensione Hugo North della miniera Oyu Tolgoi.
Horizon Copper (HNCUF) anuncia un resultado favorable en el arbitraje para Entrée Resources respecto a su Acuerdo de Joint Venture (JVA) en el proyecto de cobre Oyu Tolgoi en Mongolia. El Tribunal internacional de arbitraje emitió un laudo final parcial el 19 de diciembre de 2024, respaldando aspectos clave del JVA de Entrée con Oyu Tolgoi (OTLLC). La decisión confirma las obligaciones de OTLLC de proporcionar una copia ejecutada del JVA y facilitar la transferencia de las licencias mineras de Shivee Tolgoi y Javhlant. Además, cualquier impuesto y tasa por la transferencia de la licencia estará sujeto a los términos del JVA, con OTLLC contribuyendo al 20% de la participación de Entrée como un préstamo. Horizon Copper mantiene una participación del 24% en Entrée, lo que proporciona exposición a la Extensión Hugo North de la mina Oyu Tolgoi.
Horizon Copper (HNCUF)는 몽골 Oyu Tolgoi 구리 프로젝트에 대한 Entrée Resources의 합작 투자 계약(JVA)에 대한 유리한 중재 결과를 발표했습니다. 국제 중재 재판소는 2024년 12월 19일에 부분적인 최종 판결을 내리며 Entrée의 Oyu Tolgoi (OTLLC)와의 JVA의 핵심 측면을 확인했습니다. 이 판결은 OTLLC가 서명된 JVA 사본을 제공하고 Shivee Tolgoi 및 Javhlant 철광 라이센스의 이전을 원활하게 할 의무가 있음을 확인합니다. 또한 라이센스 이전에 대한 세금 및 수수료는 JVA 조건에 따라 적용되며, OTLLC는 Entrée의 20% 지분을 대출로 제공할 것입니다. Horizon Copper는 Entrée의 24% 지분을 보유하고 있어 Oyu Tolgoi 광산의 Hugo North Extension에 대한 노출을 제공합니다.
Horizon Copper (HNCUF) annonce un résultat d'arbitrage favorable pour Entrée Resources concernant son Accord de Joint Venture (JVA) sur le projet de cuivre Oyu Tolgoi en Mongolie. Le Tribunal d'arbitrage international a rendu une décision partielle le 19 décembre 2024, confirmant des aspects clés du JVA d'Entrée avec Oyu Tolgoi (OTLLC). Ce jugement confirme les obligations d'OTLLC de fournir une copie signée du JVA et de faciliter le transfert des licences minières de Shivee Tolgoi et Javhlant. De plus, toutes les taxes et frais liés au transfert de licence seront soumis aux termes du JVA, OTLLC contribuant à 20% des parts d'Entrée sous forme de prêt. Horizon Copper détient 24% de participation dans Entrée, offrant une exposition à l'extension Hugo North de la mine Oyu Tolgoi.
Horizon Copper (HNCUF) gibt ein günstiges Schiedsgerichtsurteil für Entrée Resources bezüglich seines Joint Venture Agreements (JVA) zum Oyu Tolgoi Kupferprojekt in der Mongolei bekannt. Das internationale Schiedsgericht erließ am 19. Dezember 2024 einen teilweisen Schlussentscheid und bestätigte zentrale Aspekte von Entrées JVA mit Oyu Tolgoi (OTLLC). Das Urteil bestätigt die Verpflichtungen von OTLLC, eine ausgeführte JVA-Kopie bereitzustellen und den Transfer der Bergbaulizenzen Shivee Tolgoi und Javhlant zu erleichtern. Darüber hinaus unterliegen alle Steuern und Gebühren für den Lizenztransfer den Bedingungen des JVA, wobei OTLLC Entrées 20% Anteil als Darlehen beisteuert. Horizon Copper hält 24% Eigenkapitalanteil an Entrée und bietet damit einen Zugang zur Hugo North Extension der Oyu Tolgoi Mine.
- Favorable arbitration outcome strengthening Entrée's position in the Oyu Tolgoi project
- Confirmation of OTLLC's obligation to cover Entrée's 20% share of license transfer costs
- Enhanced certainty for ongoing development work at Lift 1 Panel 1
- None.
On December 19, 2024, Entrée announced a favorable outcome in its binding arbitration proceedings against its joint venture partner Oyu Tolgoi LLC ("OTLLC") and Turquoise Hill Resources Ltd. An international arbitration Tribunal issued a partial final award in Entrée's favor, upholding key aspects of its JVA with OTLLC. Entrée highlighted that the outcome delivers more certainty for the Oyu Tolgoi project, particularly as critical development work for Lift 1 Panel 1 remains ongoing.
Entrée and OTLLC have been operating under the Entrée/Oyu Tolgoi JVA, which is appended to the amended 2004 Equity Participation and Earn-in Agreement (the "Earn-in Agreement"), since OTLLC completed its earn-in obligations in 2008. Entrée commenced proceedings in May 2022, seeking declarations and orders for specific performance relating to certain provisions of the Earn-in Agreement and JVA with OTLLC. The Tribunal issued final and binding declarations that:
- OTLLC is obligated to provide to Entrée an executed copy of the JVA, in the form appended to the Earn-in Agreement, subject only to any amendments to its terms that Entrée and OTLLC mutually agree;
- OTLLC is obligated to facilitate and accept the transfer of the Shivee Tolgoi and Javhlant mining licenses (the "Licenses") for the Entrée/Oyu Tolgoi joint venture as required by the JVA; and
- Any taxes and fees assessed on the transfer of the Licenses are subject to the terms of the JVA, with OTLLC contributing Entrée's
20% share as a loan under Section 10.1 of the JVA.
A ruling on Entrée's additional claims for specific performance, equitable damages, and costs remain outstanding, and Entrée will update the market in due course.
For more information, visit www.entreeresourcesltd.com and refer to Entrée's press release dated December 19, 2024. Horizon Copper has exposure to the Hugo North Extension of the Oyu Tolgoi copper mine through its
ABOUT HORIZON COPPER
Horizon Copper is a premier copper company holding a portfolio of unparalleled copper assets including a
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking information within the meaning of Canadian securities laws. Although Horizon believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by Horizon is not a guarantee of future results or performance and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited the arbitration proceedings including the potential benefits, timing and outcome of arbitration proceedings; the effect an arbitration decision may have on a commercial resolution of matters related to the JVA; the ability of the parties to reach a commercial resolution of matters related to the JVA; Entrée's ability to transfer the Shivee Tolgoi and Javhlant mining licenses to OTLLC either in conjunction with finalization and execution of an alternative agreement(s) with OTLLC, or enforcement of certain provisions of the Earn-in Agreement and JVA pursuant to binding arbitration proceedings; timing and status of Oyu Tolgoi underground development; the expected timing of development work on the Shivee Tolgoi mining license and the potential for delay if the Shivee Tolgoi mining license cannot be transferred to OTLLC in a timely fashion; the nature of the ongoing relationship and interaction between OTLLC and Rio Tinto and the Government of
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View original content to download multimedia:https://www.prnewswire.com/news-releases/horizon-copper-reports-favorable-outcome-for-entree-resources-arbitration-proceedings-302337037.html
SOURCE Horizon Copper Corp.
FAQ
What was the outcome of Entrée Resources' arbitration with OTLLC regarding the Oyu Tolgoi project?
How does the arbitration ruling affect HNCUF's investment in the Oyu Tolgoi project?
What are the key terms of the arbitration award for Entrée Resources and OTLLC?
When did Entrée Resources initiate the arbitration proceedings against OTLLC?
