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Turquoise Hill rights issue a fait accompli, says Odey's Steel

Odey fund manager Henry Steel believes Rio Tinto is about to run a rights issue through Turquoise Hill Resources to cover a shortfall in funding for the Oyu Tolgoi copper mine expansion.

Tom Hoskyns
The Oyu Tolgoi mine is a combined open pit and underground mining project approximately 235 kilometres east of Mongolia's Ömnögovi Province capital Dalanzadgad

The Oyu Tolgoi mine is a combined open pit and underground mining project approximately 235 kilometres east of Mongolia's Ömnögovi Province capital Dalanzadgad

Steel's belief that a rights issue is Rio's only likely course of action, which tallies with earlier reports by Mining Journal, stems from the fine print of a 2015 agreement between Rio and Turquoise Hill...

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