COPPER MINES AND MINING – MONGOLIA

Bribery probe clouds Rio’s Mongolia deal

roymorgansocial Leave a comment

Original article by Matt Chambers
The Australian – Page: 21 : 23-Mar-18

Swiss and Mongolian authorities are investigating the origins of a $US10 million ($A12.9 million) payment into a Swiss bank account. The account belongs to former Mongolian finance minister Bayartsogt Sangajav. Bayartsogt has denied suggestions that the payment was linked to Rio Tinto’s Oyu Tolgoi copper and gold project, although Swiss authorities have stated that they are investigating whether Rio or any of its business units had a role in the deposit. Rio has indicated that it has had no contact from Swiss authorities on the matter.

CORPORATES
RIO TINTO LIMITED – ASX RIO, IVANHOE MINES LIMITED, TURQUOISE HILL RESOURCES LIMITED, SWITZERLAND. OFFICE OF THE ATTORNEY GENERAL, WHITEHAVEN COAL LIMITED – ASX WHC

Mongolia anti-corruption squad seeks info from Rio unit

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 15 : 15-Mar-18

Turquoise Hill Resources has advised that the Mongolian Anti-Corruption Authority is investigating the potential abuse of power by "authorised officials" during negotiations for the Oyu Tolgoi investment agreement in 2008. Turquoise Hill, which has a 66 per cent stake in the copper mine, is in turn controlled by Rio Tinto. Turquoise Hill – which was called Ivanhoe Mines negotiations were being held – has stressed that there are no indications that Oyu Tolgoi itself is being investigated. Rio Tinto held a stake of less than 10 per cent in the company at the time.

CORPORATES
RIO TINTO LIMITED – ASX RIO, TURQUOISE HILL RESOURCES LIMITED, OYU TOLGOI LLC, MONGOLIAN ANTI-CORRUPTION AUTHORITY, MONGOLIAN TAX AUTHORITY, SOMO

Rio Tinto denies accusation of $700m Dutch tax dodge

roymorgansocial Leave a comment

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.

CORPORATES
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

Rio Tinto suspends Oyu Tolgoi shipments to China

roymorgansocial Leave a comment

Original article by James Thomson
The Australian Financial Review – Page: 15 : 5-Dec-16

Turquoise Hill Resources expects the Oyu Tolgoi mine in Mongolia to produce between 175,000 and 195,000 tonnes of copper concentrate and at least 255,000 ounces of gold in 2016. The Rio Tinto-controlled company has advised that the mine’s shipments to China have been put on hold in response to the introduction of new border regulations. A spokesman for Rio Tinto is optimistic that the issue can be resolved quickly. The mine’s copper production is expected to top 500,000 per annum when a $US3.5bn underground expansion is completed.

CORPORATES
RIO TINTO LIMITED – ASX RIO, TURQUOISE HILL RESOURCES LIMITED, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION

Rio plans another big Mongolia expansion

roymorgansocial Leave a comment

Original article by Matt Chambers
The Australian – Page: 23 : 10-May-16

The Oyu Tolgoi mine will produce about 500,000 tonnes of copper a year when an underground expansion of the project is completed. Rio Tinto approved the expansion project on 6 May 2016, but Turquoise Hill Resources CEO Jeff Tygesen has flagged further expansion of Oyu Tolgoi by increasing the capacity of the mine’s concentrator. Turquoise Hill has a 66 per cent stake in Oyu Tolgoi, and Rio Tinto in turn is the Canada-based group’s major shareholder.

CORPORATES
RIO TINTO LIMITED – ASX RIO, TURQUOISE HILL RESOURCES LIMITED

Rio set to OK $5bn Oyu Tolgoi expansion

roymorgansocial Leave a comment

Original article by Matt Chambers
The Australian – Page: 20 : 28-Apr-16

There is growing speculation that Rio Tinto is poised to approve an underground expansion of the Oyu Tolgoi copper and gold mine in Mongolia. Deutsche Bank expects the expansion to be approved during the June 2016 quarter, which is consistent with Rio Tinto’s own stated time-frame. Deutsche suggests that lower construction costs could reduce the cost of the expansion to about $US4bn, compared with Rio Tinto’s $US4.9bn estimate in October 2014.

CORPORATES
RIO TINTO LIMITED – ASX RIO, DEUTSCHE BANK AG, TURQUOISE HILL RESOURCES LIMITED

Rio secures $6.1b finance package for Oyu Tolgoi mine

roymorgansocial Leave a comment

Original article by Amanda Saunders
The Australian Financial Review – Page: 13 : 16-Dec-15

Rio Tinto directors are expected to approve the proposed expansion of its Oyu Tolgoi gold and copper mine in Mongolia by mid-2016, after the resources group secured financing for the project. Rio Tinto has finalised the funding deal with a consortium of 15 international banks and five export credit agencies, which will enable it to proceed with an underground expansion of the open pit mine. Tolgoi’s annual output is slated to be 500,000 tonnes of copper and up to 600,000 ounces of gold when the expanded project reaches full capacity.

CORPORATES
RIO TINTO LIMITED – ASX RIO, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, BNP PARIBAS SA, ING BANK NV, SOCIETE GENERALE, SUMITOMO MITSUI BANKING CORPORATION, STANDARD CHARTERED BANK PLC, CANADIAN IMPERIAL BANK OF COMMERCE, CREDIT AGRICOLE SA, INTESA SANPAOLO SPA, NATIXIS SA, HSBC BANK PLC, MITSUBISHI TOKYO FINANCIAL GROUP INCORPORATED, TURQUOISE HILL RESOURCES LIMITED, WORLD BANK, INTERNATIONAL FINANCE CORPORATION, EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT

Rio Tinto closes in on $US4b financing deal for Oyu Tolgoi

roymorgansocial Leave a comment

Original article by Amanda Saunders
The Australian Financial Review – Page: 13 : 14-Dec-15

Rio Tinto has declined to comment on speculation that it could finalise a funding deal for the $US6bn Oyu Tolgoi copper and gold project in Mongolia in mid-December 2015. The resources group had been widely tipped to secure the $US4bn financing deal with up to 15 banks in early 2016. Oyu Tolgoi’s annual output is slated to be 500,000 tonnes of copper and up to 600,000 ounces of gold when production reaches full capacity.

CORPORATES
RIO TINTO LIMITED – ASX RIO, ANGLO AMERICAN PLC, FREEPORT-McMORAN COPPER AND GOLD INCORPORATED, GLENCORE PLC