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Pentwater Capital Management, the largest minority shareholder of Turquoise Hill Resources Ltd. (TRQ), has voiced strong opposition to Rio Tinto's proposed $2.65 billion purchase offer. Pentwater argues that this offer undervalues Turquoise Hill, which is projected to generate over $17 billion in after-tax free cash flow from 2025 to 2030. They criticize Rio for past actions detrimental to minority shareholders, including a recent $2.4 billion debt write-down. The letter emphasizes that Rio's current bid represents only 32% of Turquoise Hill's future cash flow.
SailingStone Capital Partners has sent a letter to the Independent Directors of Turquoise Hill Resources Ltd. (TRQ) regarding Rio Tinto's bid to acquire the remaining 49.2% of TRQ for C$34/share, valued at $2.7bn. They criticize Rio's cash cost basis of $6.6bn per share, highlighting the premium that should compensate minority shareholders. Concerns about Rio's access to material non-public information and potential conflicts of interest are raised, along with questions about the board's commitment to all shareholders. The letter emphasizes the need for a fair valuation and calls for a thorough review of the proposal.
Turquoise Hill Resources has received a non-binding proposal from Rio Tinto to acquire the approximately 49% of its outstanding shares held by minority shareholders for C$34.00 per share. This proposal is conditional on Turquoise Hill not raising additional equity capital before the transaction's completion. The Company will form a special committee of independent directors to review the proposal. No action is required from Turquoise Hill shareholders at this time.
Turquoise Hill Resources reported strong financial results for 2021, with revenue of $1,971 million, up 82.8% from 2020. Copper production reached 163,000 tonnes, while gold production totaled 468,000 ounces, aligning with revised guidance. The company achieved its best safety record with an AIFR of 0.14. An amended funding agreement with Rio Tinto was established, facilitating ongoing development of the Oyu Tolgoi underground mine, projected to reach sustainable production in H1 2023. However, total operating cash costs rose to $874.8 million, influenced by higher prices and COVID-19 related expenses.
Turquoise Hill Resources will release its Q4 and full year 2021 financial results on March 2, 2022, after market close in North America. Following this announcement, a conference call and webcast will occur on March 3, 2022, at 8:00 am EST for detailed discussions regarding the results. Dial-in details for North America, the UK, and Australia are provided. The conference will also be available via a live webcast on the company’s website, with an archived playback for future access.
Turquoise Hill Resources announced a renewed partnership with the Government of Mongolia and an amended agreement with Rio Tinto, enabling the commencement of underground mining at the Oyu Tolgoi project. The agreement includes a comprehensive funding arrangement addressing an estimated $3.4 billion funding requirement, with key terms involving a loan waiver of $2.4 billion and enhanced cooperation on ESG matters. Expected copper production will surge to 500,000 tonnes annually by 2028-2036. This collaboration aims to bolster economic benefits for Mongolia while ensuring shareholder returns.
Pentwater Capital Management LP, the largest minority shareholder of Turquoise Hill Resources Ltd. (TRQ), expressed concerns over the company's management in a letter to its Board of Directors. Citing potential forgiveness of $2.3 billion in debt owed by the Mongolian government to TRQ, Pentwater argues that such decisions could unduly burden minority shareholders. They allege that the TRQ Board has not secured adequate compensation from Rio Tinto for damages incurred. Pentwater called for transparency and accountability, urging the Board to resist agreements that may jeopardize shareholder interests.
Turquoise Hill Resources announced its 2021 production results, reporting 163,000 tonnes of copper and 468,000 ounces of gold, meeting guidance despite COVID-19 challenges. In 2022, copper production is projected between 110,000 and 150,000 tonnes, and gold production between 115,000 and 165,000 ounces, indicating a decline due to lower-grade material processing. The company's operating cash costs are expected to range from $800 million to $875 million, with capital expenditures of $1.4 billion for underground operations. Workforce challenges continue amidst ongoing COVID-19 impacts.
Turquoise Hill Resources announced ongoing negotiations with the Government of Mongolia and Rio Tinto to enhance their partnership. The joint offer includes a proposal to forgive a US$2.3 billion loan from Mongolian shareholder Erdenes and to cancel the UDP agreement. The objective is to strengthen relations and progress the Oyu Tolgoi project. The company aims to secure approval for the project's undercut as negotiations continue, emphasizing a commitment to benefit all stakeholders.
Turquoise Hill Resources Ltd. announced the approval of a $75M bridging budget for the Oyu Tolgoi underground mine development project, allowing critical activities to continue through mid-January 2022. While this decision is viewed as positive for immediate operations, the Company cautions that future investments by the OT Board are uncertain, which poses risks of slowing down further underground development. The ongoing negotiations with the Mongolian government and Rio Tinto remain crucial for project advancement and stability.
