Original article by Peter Ker
The Australian Financial Review – Page: 20 : 2-Feb-18
Rio Tinto has denied claims that it and Turquoise Hill Resources tried to avoid tax in Mongolia and Canada in relation to the Oyu Tolgoi mine in Mongolia. The accusations have been made by Dutch not-for-profit agency SOMO. The mine is operated by Oyu Tolgoi LLC, which is 66 per cent owned by Turquoise Hill and 34 per cent owned by the Mongolian government; Rio Tinto in turn owns 50.79 per cent of Turquoise Hill. SOMO’s claims relate to the use of Turquoise Hill subsidiaries in the Netherlands and Luxembourg to source funds for the mine project, with favourable tax treatment available in those countries.
RIO TINTO LIMITED – ASX RIO, TURQUOISE HILL RESOURCES LIMITED, OYU TOLGOI LLC, CENTRE FOR RESEARCH ON MULTINATIONAL CORPORATIONS, MOVEIT PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. EXPORT FINANCE AND INSURANCE CORPORATION