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Turquoise Hill Resources announced the cancellation of a March 2 hearing related to a temporary injunction in British Columbia arbitration, keeping the injunction in effect until the arbitration outcome. This decision reflects ongoing negotiations with Rio Tinto regarding the Oyu Tolgoi copper-gold mine in Mongolia, where Turquoise Hill holds a 66% interest. The company continues to navigate financial and operational complexities, including potential impacts from COVID-19 and the need for additional funding to advance the Underground Mine Development Plan.
Turquoise Hill Resources has secured a temporary order in arbitration against Rio Tinto, preventing them from restricting funding strategies for the Oyu Tolgoi project. The order prohibits Rio Tinto from engaging in re-profiling negotiations that could impede bond offerings and ensures Turquoise Hill can collaborate with stakeholders, including the Government of Mongolia. The parties will reconvene on March 2, 2021, to discuss further relief. Oyu Tolgoi is Turquoise Hill's primary asset, holding a 66% interest in Oyu Tolgoi LLC.
Pentwater Capital Management LP, the largest minority shareholder of Turquoise Hill Resources Ltd. (TRQ), urges regulators to investigate Rio Tinto's alleged breaches of securities laws. Recently appointed as lead Plaintiff in a class action against Rio, Pentwater highlights Rio's failure to disclose significant cost overruns and schedule delays at the Oyu Tolgoi mine, which is 66% owned by Turquoise Hill. Furthermore, Rio has restricted Turquoise Hill's communications with the Mongolian government and imposed its financing terms, raising concerns about governance and fiduciary duties.
Turquoise Hill Resources Ltd. has filed for an interim order in arbitration against Rio Tinto International Holdings Limited due to actions that could hinder its financing options for the Oyu Tolgoi project. The company argues that Rio Tinto's moves may limit its ability to implement funding strategies and impede negotiations with lenders. Turquoise Hill holds a 66% interest in Oyu Tolgoi LLC, which operates the copper-gold mine in Mongolia. This legal action reflects growing tensions between the companies amid ongoing funding challenges.
Turquoise Hill Resources Ltd. announced its fourth-quarter 2020 production results for Oyu Tolgoi, with notable figures in copper and gold production. Full-year copper production reached 149,631 tonnes, while gold production was 181,858 ounces, exceeding original guidance. The company anticipates 2021 copper production between 160,000 to 180,000 tonnes and gold production of 500,000 to 550,000 ounces. However, geotechnical concerns have prompted design changes, potentially impacting future deliveries. Operating cash costs for 2021 are projected at $800 million to $850 million.
Turquoise Hill Resources announced that Oyu Tolgoi LLC is reviewing a tax assessment of US$228 million from the Mongolian Tax Authority (MTA) for the 2016-2018 audit period. This follows a prior assessment of US$155 million for 2013-2015, leading to ongoing international arbitration. Additionally, the MTA has adjusted Oyu Tolgoi's carried forward tax losses by US$1.5 billion, disallowing some tax deductions. Turquoise Hill maintains that all taxes owed under agreements and Mongolian law have been paid.
Turquoise Hill Resources has completed the initial phase of its funding review for Oyu Tolgoi, identifying multiple funding options, including gold streaming transactions, gold pre-sale transactions, and global medium-term notes. These options could significantly reduce the projected $3 billion funding requirement. Company leadership reported favorable market testing results, with expected costs lower than equity estimates. The company aims to finalize a streaming transaction and plans a GMTN offering in 2021, while aiming to engage with stakeholders to support these initiatives.
Turquoise Hill Resources announced the completion of the Definitive Estimate delivered by Rio Tinto, refining the Oyu Tolgoi Technical Report. Key highlights include a revised project capital cost of $6.75 billion and sustainable first production expected in October 2022. The estimate includes a 10Mt increase in Hugo North Mineral Reserves and confirms all necessary surface infrastructure is complete. However, the accuracy of future costs faces COVID-19-related risks. The board will review the Definitive Estimate, while Turquoise Hill aims to address stakeholder concerns and secure agreements to meet project financing needs.
Turquoise Hill Resources (TRQ) announced that Oyu Tolgoi LLC, its 66% owned subsidiary, has formed a Special Committee to review cost overruns and delays in the underground development of the Oyu Tolgoi project. The committee will include members from both TRQ and the state-owned Erdenes Oyu Tolgoi, and will engage an independent firm for analysis. CEO Ulf Quellmann expressed full support for the review, emphasizing the need for accountability and transparency among stakeholders. The committee must report its findings within six months.
Turquoise Hill Resources Ltd. responded to a letter from Odey Asset Management, which criticized the company's funding plan and claimed conflicts of interest. The management emphasized their commitment to maximizing shareholder value through debt-focused strategies, avoiding rights offerings. They confirmed the ongoing implementation of a funding Memorandum of Understanding with Rio Tinto and detailed that Rio Tinto has no right to demand loan repayments. They anticipate raising substantial funding through debt without needing additional equity if certain financial restructuring is successful. As of September 30, 2020, Turquoise Hill expects sufficient cash flow through Q2 2022.
