1 AROUND TWO-THIRDS OF COVID-19 CASES RECOVER IN MONGOLIA WWW.XINHUANET.COM PUBLISHED:2021/01/20      2 D.BAYARKHUU: I AM CONFIDENT THAT MONGOLIA-U.S RELATIONS WILL MAKE PROGRESS DURING THE PRESIDENCY OF JOE BIDEN WWW.MONTSAME.MN PUBLISHED:2021/01/20      3 MONGOLIA RANKED 101ST AT 2021 MILITARY STRENGTH RANKING WWW.MONTSAME.MN PUBLISHED:2021/01/20      4 OYU TOLGOI OPERATIONS GO FROM STRENGTH TO STRENGTH DESPITE TOP LEVEL RUMBLINGS WWW.IM-MINING.COM PUBLISHED:2021/01/20      5 BOEING 737 MAX TO BE CLEARED TO FLY IN EUROPE WWW.BBC.COM PUBLISHED:2021/01/19      6 INDIA TO EXPORT COVID VACCINES FREE OF COST TO ITS NEIGHBOURS AS A ‘GOODWILL GESTURE’ WWW.THEPRINT.IN PUBLISHED:2021/01/19      7 RIO HIT BY NEW TENSIONS, NEW GEOLOGY PROBLEMS IN MONGOLIA WWW.AFR.COM PUBLISHED:2021/01/19      8 MONGOLIA REPORTS 10 MORE LOCALLY TRANSMITTED COVID-19 CASES WWW.XINHUANET.COM PUBLISHED:2021/01/19      9 NEW RIO TINTO BOSS HAS MONGOLIAN BULLET TO BITE WWW.REUTERS.COM PUBLISHED:2021/01/19      10 OFFICIAL LETTER SENT TO CABINET CONCERNING DELIVERY OF OYU TOLGOI RELATED DOCUMENTS WWW.PRESIDENT.MN PUBLISHED:2021/01/19      17.7 ТЭРБУМ ТӨГРӨГИЙН ТЭТГЭВРИЙН ДААТГАЛЫН ШИМТГЭЛ НӨХӨН ТӨЛЖЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2021/01/20     ОРЧНЫ БОХИРДЛЫГ БУУРУУЛАХ АЖИЛД 77.3 ТЭРБУМ ТӨГРӨГ ЗАРЦУУЛЖЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2021/01/20     ГАЗРЫН ТОСНЫ БҮТЭЭГДЭХҮҮНИЙ 29 ХОНОГИЙН НӨӨЦТЭЙ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2021/01/20     ТӨГРӨГ 2021 ОНД ЧАНГАРАХ ТӨЛӨВТЭЙ БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2021/01/20     НИЙСЛЭЛД ӨДӨРТ ДУНДЖААР 375 ТН МАХЫГ НИЙЛҮҮЛЖ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2021/01/20     СУДАЛГААНД ХАМРАГДСАН НИЙТ ӨРХИЙН 80% НЬ КОРОНАВИРУСИЙН ВАКЦИН ҮНЭ ТӨЛБӨРГҮЙ, 61% НЬ ТӨЛБӨРТЭЙ БАЙСАН Ч ХИЙЛГЭХ ХҮСЭЛТЭЙ БАЙГААГАА ХЭЛЖЭЭ WWW.IKON.MN НИЙТЭЛСЭН:2021/01/20     ДЭЛХИЙН БАНКНЫ 50.7 САЯ АМ.ДОЛЛАРЫН ХӨНГӨЛӨЛТТЭЙ ЗЭЭЛИЙГ ХҮН АМЫН 60 ХҮРТЭЛ ХУВИЙГ ВАКЦИНЖУУЛАХАД ЗАРЦУУЛНА WWW.IKON.MN НИЙТЭЛСЭН:2021/01/20     ЭКСПОРТ ӨМНӨХ ОНЫХООС 0.6 ХУВИАР БУУРЛАА WWW.MONTSAME.MN НИЙТЭЛСЭН:2021/01/20     ДЭЛХИЙН БАНК: БҮХ НИЙТИЙН БЭЛЭН БАЙДЛЫН ҮЕИЙН ХӨЛ ХОРИОНЫ УЛМААС АЖИЛ ЭРХЛЭЛТ 40 ХУВИАР БУУРСАН WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2021/01/19     COVID-19-ИЙН БҮРТГЭГДСЭН ХАЛДВАРЫН ТОО ӨМНӨХ ДОЛОО ХОНОГООС 35%-ААР БУУРЧЭЭ WWW.IKON.MN НИЙТЭЛСЭН:2021/01/19    

Turquoise Hill says Odey’s letter contains false assumptions www.mining.com

Turquoise Hill said on Thursday hedge fund Odey Asset Management’s letter to its majority owner Rio Tinto contained a number of false assumptions and misinformation about the company and its funding plan.
“Odey has a clear financial motive to depress Turquoise Hill’s share price,” Turquoise Hill said.
Shares of Turquoise Hill sank on Wednesday after the hedge fund said it did not believe the $4.4 billion project finance package related to the Oyu Tolgoi copper mine in Mongolia is accurately described as “project” finance.
Turquoise Hill, a subsidiary of Rio Tinto, owns two-thirds of the Oyu Tolgoi giant copper mine with the rest owned by the Mongolian government. The mine is Rio’s biggest copper growth project, but it has faced geological challenges and legal setbacks.
Odey said Rio Tinto was allowing a false market for Turquoise Hill’s shares with a rights issue from the Canadian company on the horizon. The hedge fund owns shares in Rio Tinto and has a short position in Turquoise Hill.
In a letter to Rio Tinto’s finance chief Jakob Stausholm, the fund said Turquoise Hill would require an $8.9 billion rights issue after delays and budget overruns at Oyu Tolgoi.
“Indeed, Odey has sought to ask questions on both Rio Tinto’s and Turquoise Hill’s public earnings calls, but Odey has not been given the opportunity on these calls to propose any such questions, limiting the opportunity for greater public scrutiny of the Oyu Tolgoi investment case,” the investment firm said.
In July, Rio Tinto said it cut estimated reserves at its underground copper mine extension of Oyu Tolgoi and confirmed it would face delays and higher costs after ground instability forced it to redesign the mine plan.
Turquoise Hill said Thursday that an additional $1.1 billion would need to be sourced with further bank debt, bonds or a metal stream should it and Rio re-profile existing debt and raise an additional $500 million of debt as contemplated.
The company said it would need to raise additional equity of at least $3 billion if neither the re-profiling nor additional debt or hybrid financing is completed.
Midday Thursday, Turquoise Hill’s stock was down 9.8% on the NYSE. The company has a $1.94 billion market capitalization.
(With files from Reuters)


Published Date:2020-11-27