Company News

Turquoise Hill to defer any interim funding talks on Mongolian mine with Rio Tinto

July 2 (Reuters) - Turquoise Hill Resources Ltd said on Thursday it has decided to defer further discussions on any interim funding arrangements with Rio Tinto for its Mongolian copper project.

The Mongolian state owns 34% in the Oyu Tolgoi copper project, while Rio’s majority-owned Turquoise Hill has a 66% stake.

Turquoise said it now expects to have liquidity available to fund operations and underground development of the project beyond the third quarter of 2021.

“If it becomes prudent to do so, the company may re-engage with Rio Tinto and/or third parties regarding possible interim funding,” the company said in a statement.

Reporting by Shanti S Nair in Bengaluru; editing by Uttaresh.V