BUZZ-Turquoise Hill Resources Ltd: Oyu Tolgoi project work to resume

Tue May 19, 2015 10:02am EDT
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** Canadian miner's U.S-listed shares up 7.9 pct at $4.70

** Stock rises as much as 8 pct to near 2-year high of $4.71; is among top percentage gainers on NYSE

** Mongolia and Rio Tinto have reached agreement to resume work on Oyu Tolgoi project, in which Turquoise Hill owns 66 pct stake

** Resumption will pave way for work to resume on stalled $5 bln underground copper mine and is expected to drive growth for both Mongolia and Rio Tinto

** Up to Monday's close, stock had risen nearly 41 pct this year