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Rio Tinto, Turquoise Hill Resources (TRQ) and the Government of Mongolia have reached an agreement that will move the Oyu Tolgoi (OT) copper mine project (earlier post) forward, resetting the relationship between the partners and increasing the value the project delivers for Mongolia. As a result, the OT Board, comprised...
'Confirmation for debt forbearance and current outstanding balance' has been signed today by N.Tserenbat, CEO of Erdenes Oyu Tolgoi LLC and Luke Colton, Chief Financial Officer at Turquoise Hill Resources. This means Mongolia's USD 2.3 billion debt for its share (34 percent) in the Oyu Tolgoi copper-gold project has been completely waived by Oyu Tolgoi Netherlands (OTN).
Rio Tinto reach agreement to move the Oyu Tolgoi project forward
'Confirmation for debt forbearance and current outstanding balance' has been signed today by N.Tserenbat, CEO of Erdenes Oyu Tolgoi LLC and Luke Colton, Chief Financial Officer at Turquoise Hill Resources. This means Mongolia's USD 2.3 billion debt for its share (34 percent) in the Oyu Tolgoi copper-gold project has been completely waived by Oyu Tolgoi Netherlands (OTN).
'Confirmation for debt forbearance and current outstanding balance' has been signed today by N.Tserenbat, CEO of Erdenes Oyu Tolgoi LLC and Luke Colton, Chief Financial Officer at Turquoise Hill Resources. This means Mongolia's USD 2.3 billion debt for its share (34 percent) in the Oyu Tolgoi copper-gold project has been completely waived by Oyu Tolgoi Netherlands (OTN).Per the terms of the Amended and Restated Shareholders’ Agreement dated 8 June 2011, USD 2.3 billion loans were provided to fund the capital contributions of Erdenes Oyu Tolgoi (EOT) to OT LLC in respect of com...