Canadian mining giant refuses to renegotiate investment deal with Mongolia | Live Trading News: "Canadian mining giant Turquoise Hill Resources (NYSE:TRQ) has refused a request by the Mongolian government to renegotiate an agreement on the company’s investment in a Mongolian Copper-Gold mine, local media reported Tuesday.
Turquoise Hill turned down the request together with Rio Tinto (NYSE:RIO), the majority stake holder of the Canadian company. Kay Priestly, CEO of the company, said he hoped the Mongolian government could honor the “legally-binding document.”
According to the agreement signed in October 2009, Turquoise Hill obtains 66% of the Oyu Tolgoi Copper-Gold mine, one of the world’s largest of its kind, and the Mongolian government owns the remaining 34%."
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Turquoise Hill turned down the request together with Rio Tinto (NYSE:RIO), the majority stake holder of the Canadian company. Kay Priestly, CEO of the company, said he hoped the Mongolian government could honor the “legally-binding document.”
According to the agreement signed in October 2009, Turquoise Hill obtains 66% of the Oyu Tolgoi Copper-Gold mine, one of the world’s largest of its kind, and the Mongolian government owns the remaining 34%."
'via Blog this'
