5d 1m 3m 1y 5y 10y
There are 3 articles on this stock available only to PRO subscribers.
Marketwire (Mon, 5:02PM)
at CNBC.com (Mar 28, 2014)
Marketwire (Mar 26, 2014)
Marketwire (Mar 25, 2014)
Marketwire (Feb 12, 2014)
Marketwire (Jan 15, 2014)
TRQ vs. ETF Alternatives
Tuesday, Apr 152:58 PM
Tuesday, Apr 152:58 PM| 2 Comments
- Rio Tinto (RIO -2.8%) may be making progress in resolving differences with Mongolia's government over the planned expansion of the Oyu Tolgoi mine, FT reports, as potential lenders extend a deadline to arrange financing for the project until the end of September.
- Turquoise Hill (TRQ -2.5%), the Rio-controlled company that owns most of Oyu Tolgoi, says all parties had requested the extension of the deadline, which had passed last month, suggesting agreement over the request between TRQ and the government.
- Rio and the government have battled over the costs of developing the next phase of the mine - critical for the miner as its largest new copper development, and for the country, since it will generate up to one-third of Mongolia's GDP.
- Rio shares are lower, however, after mixed Q1 production results with iron ore and coal production exceeding expectations but with most other commodities falling short.
Wednesday, Mar 2610:38 AM
Wednesday, Mar 2610:38 AM| 3 Comments
- Rio Tinto's (RIO +0.6%) expansion of the Oyu Tolgoi copper mine could be further delayed because a deadline to secure financing for the project may be missed, according to project owner Turquoise Hill Resources (TRQ -1.2%).
- Rio and Mongolia's government are trying to solve disagreements over some development costs, but TRQ, the Rio-controlled company that owns 66% of Oyu Tolgoi, says the issues may not be resolved until a feasibility study for the mine’s growth is completed in H1 of this year.
- Rio would thus be placed at risk of missing a March 31 deadline to close project finance agreements with commercial banks and multilateral development banks.
- In another setback, TRQ cuts this year's output estimates for the part of the mine already operating to 135K-160K metric tons of copper in concentrates vs. a previous forecast of 150K-175K, and trims its estimate for output of gold, a byproduct at the mine.
Wednesday, Mar 267:49 AM
Wednesday, Mar 2612:05 AM
Tuesday, Mar 255:30 PM
Thursday, Mar 66:37 PM
Thursday, Mar 66:37 PM| 37 Comments
- Turquoise Hill Resources (TRQ) +4.1% AH on speculation from the Daily Mail that Rio Tinto (RIO) is preparing to bid ~$8/share for the outstanding 49.2% of the company it doesn't already own.
- Billionaire Robert Friedland holds 3% of TRQ is said to have been against selling out to RIO until recently.
- TRQ holds 66% of the massive Oyu Tolgoi copper and gold mine, but progress on the $6B second stage of the project has been held up by RIO’s inability to strike an agreement with the Mongolian government.
Monday, Mar 35:37 PM
Thursday, Feb 133:22 PM
Thursday, Feb 133:22 PM| 7 Comments
- Turquoise Hill Resources (TRQ -7.6%) says FY 2013 gross revenue for its Oyu Tolgoi gold and copper project in Mongolia totaled $55M, falling short of initial projections, with some sales expected to be deferred into Q2 and Q3 2014.
- TRQ says an option to restart underground development of Oyu Tolgoi has been proposed even as negotiations with the Mongolian government continue to resolve outstanding issues that led to the project's suspension last July.
- Further delays in the project may occur if outstanding shareholder issues are not resolved before the expiration of lender commitments on existing project finance arrangements.
- Production rates recently were hurt by various post-commissioning issues which will result in the shutdown of one line for up to eight weeks, but TRQ continues to project 2014 output of 150K-175K metric tons of copper in concentrates and 700K-750K oz. of gold in concentrates.
- Rio Tinto (RIO) holds a 50.8% controlling interest in TRQ.
Tuesday, Jan 213:59 PM
Tuesday, Jan 213:59 PM| Comment!
- Turquoise Hill Resources (TRQ +0.2%) is upgraded to Hold from Reduce with a C$4.50 price target, up from C$4.25, at TD Securities, as the firm foresees higher near-term copper prices and lower long-term gold prices and rolls forward its distributable cash flows estimates for the Oyu Tolgoi mine by one year.
- With the rights offering complete, the firm estimates TRQ now has a positive net cash position, which should grow over the rest of the year from strong cash flows generated from Oyu Tolgoi.
- The firm expects TRQ to complete an updated feasibility study for Oyu Tolgoi with 6-12 months and resolve the key outstanding issues with Mongolia's government to allow resumption of the underground mine construction.
Thursday, Jan 162:40 PM
Thursday, Jan 162:40 PM| 9 Comments
- Turquoise Hill (TRQ +9.7%) shoots higher a day after reporting its Oyu Tolgoi copper and gold mine in Mongolia produced 76.7K metric tons of copper in concentrates during 2013, and inventories are expected to rise during Q1 2014.
- Copper and gold in concentrates during Q4 rose 8% and 18%, respectively, Q/Q.
- TRQ, which owns a 66% interest in Oyu Tolgoi and is in turn 51% owned by Rio Tinto (RIO +3.5%), says the mine is still producing more concentrate than it is shipping.
- Some sales have been deferred to Q2 and Q3, and inventory levels should return to normal by the end of this year, TRQ says.
Wednesday, Dec 42013, 2:59 PM
Wednesday, Dec 42013, 2:59 PM| 2 Comments
- Turquoise Hill (TRQ -24.1%) founder Robert Friedland says he plans to participate fully in the company's $2.4B rights issue; the mining tycoon owns a 10% stake in TRQ, which means he would have to pay ~$240M if he takes up his share of the rights issue.
- More than 1B shares are expected to be issued, resulting in a doubling of TRQ's shares outstanding; the rights will stop trading on Jan. 7.
- Also, Friedland, the executive chairman of Ivanhoe Mines (IVAN), says he remains interested in pursuing a secondary listing for that company.
Wednesday, Dec 42013, 12:46 PM|Wednesday, Dec 42013, 12:46 PM| 2 Comments
Wednesday, Dec 42013, 12:05 PM
Wednesday, Dec 42013, 12:05 PM| 4 Comments
- Turquoise Hill (TRQ -26.7%) shares are sharply lower as the rights issued under the miner's recent $2.4B rights issue began trading on a when-issued basis today in Toronto.
- More than 1B shares are expected to be issued under the rights offering, resulting in a doubling of TRQ's shares outstanding.
- TRQ will use the proceeds to repay Rio Tinto (RIO +2%)for a $600M bridge loan and $1.8B in interim funding, and to use any remaining funds for the continued financing of the Oyu Tolgoi copper-gold project; TRQ has stumbled in its negotiations with the Mongolian government over financing for the mine.
Wednesday, Dec 42013, 9:10 AM
Tuesday, Nov 262013, 11:30 AM
Tuesday, Nov 262013, 11:30 AM| 3 Comments
- Turquoise Hill's (TRQ +8.1%) rights offering, first announced two weeks ago, is expected to yield gross proceeds of $2.4B. Net proceeds will be used to both fund the Oyu Tolgoi project, and to repay all sums outstanding under Turquoise's $1.8B interim funding facility and $600M bridge facility.
- Each Turquoise Hill shareholder will receive the right to purchase one share for each share owned as of Dec. 6, at a price of either $2.40 or C$2.53..
- The rights will begin trading on the NYSE/Nasdaq on Dec. 3, and expire on Jan. 7. Turquoise expects to issue 1.006B shares via the offering.
- Rio Tinto (RIO) has agreed to purchase any shares not taken up through the rights offerings, in return for a 3% standby commitment fee.
- PR, prospectus
Thursday, Nov 142013, 9:48 AM
Thursday, Nov 142013, 9:48 AM| 4 Comments
- Turquoise Hill Resources (TRQ -7.1%) sinks at the open on plans for a new rights offering to fund expansion of the Oyu Tolgoi mine, citing uncertainty around talks with the Mongolian government that has delayed financing.
- TRQ says discussions with the government are continuing in order to reach agreement on outstanding issues: "There is positive engagement between the parties and progress is being made."
- TRQ and Rio Tinto (RIO) will extend the maturity date of the interim funding facility and the new bridge facility to no later than Jan. 15, 2014 to allow for completion of the rights offering.
- The Oyu Tolgoi concentrator consistently achieved throughput capacity of above 95% of capacity during Q3 and is now operating at nameplate capacity of ~100K metric tons/day of ore; operations continue to progressively ramp up and are now expected to produce 72K-77K metric tons of copper in concentrates for 2013.
- View all 1 replies
Kirklander:: The announcement of a need for a feasibility study is the straw breaking Rio's back. Coupled with the spill in Au., media spin has begun.
- View all 1 replies
spstocks:: I hope this gives a good news.. i already got lot beaten for few days now and hope that turns out to be a good one.
- View all 1 replies
Kirklander:: Chinese copper glut is coming when loans default. Copper is used as collateral.
- View all 1 replies
AlphaPro2:: Or it can continue to fall even more ...