October 15, 2012 / 1:27 PM / in 5 years

Turquoise Hill rejects review of Mongolia investment deal

TORONTO (Reuters) - Turquoise Hill Resources Ltd (TRQ.TO) and its majority shareholder Rio Tinto Ltd (RIO.AX) have rejected a request from Mongolia to renegotiate the investment agreement for its Oyu Tolgoi copper-gold mine, the Canadian miner said on Monday.

The Mongolian government’s push to review the deal, which was signed in October 2009 and went into effect in March 2010, adds weight to concerns among foreign investors about rising resource nationalism in the Asian country following a June election.

Mongolia’s new mining minister told local media in August that the government should try to raise its stake in Oyu Tolgoi, which will become one of the world’s largest copper-gold mines when it reaches full production in 2018. (Reporting by Julie Gordon; Editing by Maureen Bavdek)

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