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USD 2.3 billion debt obligation in Oyu Tolgoi project waived

'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 common shares issued by OT LLC to EOT."In accordance with Articles 236.6 and 239.1 of the Civil Code of Mongolia and upon mutual agreement between EOT, as borrower, and OTN, as lender, we hereby inform you that, OTN has waived repayment of any and all amounts due and owing as of the Effective Date" says the confirmation.Incidentally, on December 13, 2021 Rio Tinto and Turquoise Hill Resourc ....

United Arab Emirates , Erdenes Oyu Tolgoi , Oyu Tolgoi , Luke Colton , Rio Tinto , Oyu Tolgoi Underground Mine Development , Chief Financial Officer , Turquoise Hill , Oyu Tolgoi Netherlands , Restated Shareholder Agreement , Civil Code , Turquoise Hill Resources , Prime Minister , Financing Plan , Dubai Agreement , Ongol News , Ews Of Mongolia , Ongolian News ,

USD 2.3 billion debt obligation in Oyu Tolgoi project waived

'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 common shares issued by OT LLC to EOT."In accordance with Articles 236.6 and 239.1 of the Civil Code of Mongolia and upon mutual agreement between EOT, as borrower, and OTN, as lender, we hereby inform you that, OTN has waived repayment of any and all amounts due and owing as of the Effective Date" says the confirmation.Incidentally, on December 13, 2021 Rio Tinto and Turquoise Hill Resourc ....

United Arab Emirates , Erdenes Oyu Tolgoi , Oyu Tolgoi , Luke Colton , Rio Tinto , Oyu Tolgoi Underground Mine Development , Chief Financial Officer , Turquoise Hill , Oyu Tolgoi Netherlands , Restated Shareholder Agreement , Civil Code , Turquoise Hill Resources , Prime Minister , Financing Plan , Dubai Agreement , Ongol News , Ews Of Mongolia , Ongolian News ,