Turquoise Hill announces power agreement for mine in Mongolia: "VANCOUVER — Stock in Turquoise Hill Resources (TSX:TRQ) shot up more than nine per cent Monday after the company announced the signing of an important power purchase agreement for its Oyu Tolgoi copper-gold mine in Mongolia.
The binding power purchase agreement with Inner Mongolia Power Corp. will enable the completion of commissioning of Oyu Tolgoi, leading to the first production of copper-gold concentrate.
On the Toronto Stock Exchange, the company’s stock was up 76 cents, or about 9.5 per cent, at $8.83 in early trading Monday.
“The governments of Mongolia and China have been instrumental in helping the parties conclude the commercial components of the agreement,” said Kay Priestly, CEO of Turquoise Hill, formerly Ivanhoe Mines.
“With phase-one construction essentially complete, we are on the verge of Oyu Tolgoi becoming a world-class operational mine and delivering long-term benefits to Mongolia,” Priestly said."
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