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Turquoise Hill announces financial results and review of operations for 2020
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MONTREAL, March 8, 2021 /PRNewswire/ - Turquoise Hill Resources today announced its financial results for the year ended December 31, 2020. All figures are in U.S. dollars unless otherwise stated. 2020 was an important year for Turquoise Hill. In the face of the COVID-19 pandemic that dominated 2020, the Oyu Tolgoi mine achieved another year of excellent operational results, with copper production in-line with original guidance, and gold production exceeding original forecasts, stated Peter Gillin, Chair of the Board of Directors of Turquoise Hill. In addition to our operational excellence, the Oyu Tolgoi team posted a new record safety performance while open-pit operations continued uninterrupted throughout the entire year. Focusing on the underground, milestones achieved during 2020 included updating the mine design and completing both the 202
In Short
The Situation: On 1 February 2021, Parliament passed the Electronic Transactions (Amendment) Bill (Bill No. 1/2021) ( Bill ). The Bill enables the creation and use of electronic transferable records ( ETRs ) and expands the scope of electronic instruments afforded legal recognition under the Electronic Transactions Act (Chapter 88) ( ETA ) to various trade documents including negotiable instruments, bills of exchange, promissory notes, bills of ladings and other transferable documents ( Transferable Instruments ).
The Background: Electronic records and electronic signatures have generally been legally recognised in Singapore under the ETA since 1998. However, the ETA currently excludes certain prescribed categories of contracts, including Transferable Instruments, from this regime.
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Halliburton v Chubb: UK Supreme Court Provides Guidance on an Arbitrator’s Duties of Impartiality, Disclosure, and Confidentiality
This month’s International Arbitration Update considers the landmark UK Supreme Court decision of
Halliburton Company v Chubb Bermuda Insurance Ltd [2020] UKSC 48.
The decision is important because it provides guidance on the disclosures that parties should expect from an arbitrator when circumstances exist which might give rise to justifiable doubts as to his or her impartiality. In providing this guidance, the Supreme Court discussed the interaction between an arbitrator’s duties of impartiality, disclosure, and confidentiality, which are not easily reconciled.
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The promise of arbitration has traditionally centred
upon a faster, more efficient, and less costly way of resolving
commercial disputes. The reality of arbitration proceedings,
however, does not always deliver on this promise.
Surveys conducted in recent years suggest that cost and delay are some of the
negative and discouraging characteristics of international
arbitration. They also show a commercial imperative to simplify the
arbitral processes, including in particular for lower-value
claims.
The findings, whilst perhaps not entirely surprising, have
alarmed the arbitration community. Helpfully, however, a number of