PROJECT FINANCE

Turquoise Hill ditches arbitration; commits to rights issue

Turquoise Hill Resources has ditched arbitration proceedings with parent company Rio Tinto and committed to a rights issue to the tune of US$500 million in the event of funding shortfall for the Oyu Tolgoi copper project in Mongolia.

Rio Tinto's Oyu Tolgoi asset is a combined openpit and underground copper mining project approximately 235 kilometres east of Mongolia's Ömnögovi Province capital Dalanzadgad

Rio Tinto's Oyu Tolgoi asset is a combined openpit and underground copper mining project approximately 235 kilometres east of Mongolia's Ömnögovi Province capital Dalanzadgad

Rio unveiled the new financing plan, which aims to cover an estimated US$2.3 billion funding shortfall, on Friday morning. It replaces an MoU struck by the two companies in September. Rio said it would...

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