Turquoise Hill Resources announced that they have received notification from the Government of Mongolia regarding the project financing for Oyu Tolgoi. The Oyu Tolgoi mine is a combined underground and open pit project located in the South Gobi Desert, Mongolia. The notification is the precursor for the required approval from the Mongolian Parliament. Turquoise Hill said that they will continue to engage with Government of Mongolia and Rio Tinto to finalize the project financing. Because of the needed parliamentary approval, the company said that it would take some time to gain the necessary consent.
Turquoise Hill Resources said that funding and development for the Oyu Tolgoi underground project will be delayed until certain matters with the Mongolian Government are resolved and the new timetable has been agreed upon and set into motion. Turquoise Hill Resources said that they operations for the open-pit mine will continue. The company also added that the commissioning for the concentrator, as well as the ongoing export of concentrate from Oyu Tolgoi will proceed as planned. .
Turquoise Hill Resources is a leading international mining company focused on gold, copper and coal mines located in the Asia Pacific region. The company was formerly known as the Ivanhoe Mines.
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