Turquoise Hill wants more say in Oyu Tolgoi management
PERTH (miningweekly.com) – TSX-listed Turquoise Hill Resources is expected to increase its direct participation in the management of the Oyu Tolgoi mine, in Mongolia.
The company’s board of directors told shareholders this week that it had reviewed its involvement in the copper and gold project, after shareholder SailingStone Capital Partners earlier raised concerns that mining major Rio Tinto had too much influence.
Oyu Tolgoi is jointly owned by Turquoise Hill (66%) and the government of Mongolia (34%). Rio owns 51% of Turquoise Hill and has been the manager of the Oyu Tolgoi project since 2010.
Turquoise Hill said that the company had met with Rio representatives and discussed actions that the parties could take to enhance the working relationship at Oyu Tolgoi.
A number of specific actions would be taken, including increasing Turquoise Hill management’s direct participation in Oyu Tolgoi matters, including various working groups that interact with the Mongolian government and in the upcoming Oyu Tolgoi cost and schedule review.
The companies would also work to enhance the independence of Turquoise Hill’s technical personnel, and establish a project management office at Oyu Tolgoi as an additional mechanism to facilitate sharing of information.
The Canadian firm noted that discussions with Rio had been constructive and were ongoing, adding that both parties recognised that Turquoise Hill’s independence and its participation in all material and relevant matters at the mine was important to facilitate the maximisation of the project’s value to Turquoise Hill shareholders.
The Oyu Tolgoi openpit operation has been in production since 2013, and the project partners are currently working on an underground mine development, which is expected to cost some $4.4-billion.
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