ERDENES OYU TOLGOI: Press Release February 14, 2014

Feb 14 • Business, Featured, Mining • 3659 Views • 3 Comments on ERDENES OYU TOLGOI: Press Release February 14, 2014

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Further to our press release dated 18th November, 2013 and Turquoise Hill Resources (TRQ) press release dated 12th February 2014, Erdenes Oyu Tolgoi LLC (EOT), 34% shareholder of the Oyu Tolgoi LLC (OT), wishes to clarify its current status in resolving outstanding issues. The TRQ press release dated 12th February, 2014 has announced that an option to restart the underground development has been proposed. The timing of shareholder approval and continuation of the underground expansion operation are dependent on the completion of the Feasibility Study.

We understand that Feasibility Study for the underground development (including the underground investment proposal) will be delivered by Rio Tinto (RT) in Q2, 2014.

Through ongoing discussions, the EOT, TRQ and RT are currently resolving all outstanding issues and proceeding to the finalization of the 4.2 billion USD project financing. Our proposal is that project financing should be fully committed to the underground mine development. The EOT remains fully committed to the continued and successful operation of the open pit mine, the financing and development of the underground mine, and, as a shareholder of OT, the terms of the Investment Agreements.

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3 Responses to ERDENES OYU TOLGOI: Press Release February 14, 2014

  1. When says:

    Seems that bankers and guarantors do not need the last version of the Feasibility Study to proceed by Q1 2014
    but obviously that is not good enough for EOT.

    So if the Feasibility Study is delivered by RIO to OT and EOT by Q2 2014,
    how long will it take for EOT to analyze and approve Phase II in an OT Board Meeting?

    For years GOM has complained about cost overruns at OT implying TRQ/RIO were responsible for them,
    but WHERE are the supporting evidence provided by GOM, if any, for the public and TRQ shareholders (like me)?

    So if a Feasibility Study was ever delivered to EOT by Q2 2014, may be it would turn into a 2015…may be 2017 project.

    I am wondering why the President and members of the government bothered talking about an end of the year solution during the roadshows in November 2013 in Singapore, Hong Kong,….

  2. Mongolian says:

    The Mongolian law clearly says that project funding will be made after complete feasibility study, better respect domestic law then

  3. When says:

    Rule of law is the key foundation for any business in any democracy so then follow the law by the book.

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