Capital Market

Turquoise Hill’s Oyu Tolgoi mine partially resumes shipments to China

Turquoise Hill’s Oyu Tolgoi mine partially resumes shipments to China
معدن نیوز -Turquoise Hill Resources said on Tuesday the Oyu Tolgoi mine in Mongolia had partially resumed shipments to China, after the Canadian miner declared force majeure on some Chinese contracts last month due to COVID-19-led curbs.
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The company is evaluating multiple contingencies, including an alternative shipping route via Mongolia’s capital city of Ulaanbaatar, to deal with the force majeure, which refers to unexpected external factors that prevent a party from meeting contract obligations.

Turquoise Hill’s force majeure was related to coronavirus-related restrictions at the Chinese-Mongolian border crossing. The company partially resumed shipments to China on April 15.

Oyu Tolgoi, the world’s largest copper-gold-silver mine, was already at the center of a protracted dispute between Turquoise and its top shareholder, Rio Tinto, over funding for the underground expansion of the mine.

Turquoise said that it continues to be in talks with Rio Tinto and the government of Mongolia, after reaching a binding agreement over the funding spat two weeks earlier.

Rio owns 51% of Turquoise Hill, which owns 66% of the Oyu Tolgoi mine. The rest of the mine is owned by the government of Mongolia.


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