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Turquoise Hill Resources Ltd. (TRQ)

  • Tue, Jan. 20, 3:49 PM
    • Turquoise Hill (TRQ +6%) shoots higher following yesterday's report that the concentrator at the Oyu Tolgoi copper and gold mine in Mongolia has resumed full production following a fire in December.
    • The owner of two-thirds of Oyu Tolgoi also said it had produced 148.4K metric tons of of copper and 589K oz. of gold in concentrates in 2014, in line with company forecasts.
    • TRQ expects the mine to produce 175K-195K metric tons of copper and 600K-700K oz. of gold in concentrates in 2015, repeating forecasts it gave last month.
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  • Nov. 24, 2014, 12:57 PM
    • Mongolia's parliament on Friday appointed a new prime minister, more than two weeks after the ouster of his predecessor amid an economic crisis prompted in part by the stalled Oyu Tolgoi mine expansion.
    • Given that the new PM had been a cabinet member for the past three years and would have been involved in discussions about Oyu Tolgoi, analysts say the change does not bode well for any real breakthrough.
    • Oyu Tolgoi, 66% owned by Rio Tinto (RIO -2.2%) subsidiary Turquoise Hill (TRQ -1.1%), has the potential of adding 30% to Mongolia's GDP, but the underground expansion has been held up for years due to disputes about funding.
  • Sep. 22, 2014, 12:56 PM
    • Turquoise Hill Resources (TRQ -1.3%) says it completed a feasibility study of a $4.9B expansion of its Oyu Tolgoi mine in Mongolia after confirming the government reduced taxes on the project.
    • The latest study will need to be approved by all the mine’s stakeholders before the project can proceed; Oyu Tolgoi is operated by Rio Tinto (RIO -2.8%) and 66% owned by TRQ with the remaining 34% held by the Mongolian government.
    • TRQ says the Mongolian tax authority reduced the initial tax-related charges to ~$30M from $127M but will seek further clarity about the latest findings.
    | 1 Comment
  • Aug. 8, 2014, 5:40 PM
    • Top gainers, as of 5:15 p.m.: BZH +11.7%. MED +10.9%. ELX +9.8%. MM +9.6%. SHOR +5.7%.
    • Top losers, as of 5:15 p.m.: EBIX -7.7%. VLCCF -7.4%. WGL -6.6%. POWR -5.4%. TRQ -5.0%.
  • Jul. 1, 2014, 5:36 PM
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  • Jun. 23, 2014, 12:27 PM
    • Rio Tinto's (RIO +1.8%) $6.2B Oyu Tolgoi copper and gold project in Mongolia hits another snag, as Turquoise Hill Resources (TRQ -4.1%), the Rio-owned mining company that owns the rights to the mine, is handed a new audit claiming unpaid taxes and penalties.
    • TRQ says it disputes the government's claims and that a failure to resolve the issue before the end of the month could jeopardize the mine's next phase of development.
    • RIO and TRQ say they may consider taking Mongolia to international arbitration if they decide the new tax claim amounts to a breach of their investment agreement.
  • Apr. 15, 2014, 2:58 PM
    • 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.
  • Mar. 6, 2014, 6:37 PM
    • 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.
  • Mar. 3, 2014, 5:37 PM
    • Top gainers, as of 5:15 p.m.: VIPS +19.1%. GIB +5.5%. GWRE +4.4%. VHC +3.6%. TRQ +3.3%.
    • Top losers, as of 5:15 p.m.: MDR -9.5%. SNTA -7.0%. MCP -5.3%. MEET -4.9%. ASNA -4.2%.
    | 1 Comment
  • Feb. 13, 2014, 3:22 PM
    • 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.
  • Jan. 16, 2014, 2:40 PM
    • 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.
  • Dec. 4, 2013, 2:59 PM
    • 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.
  • Dec. 4, 2013, 12:46 PM
  • Dec. 4, 2013, 12:05 PM
    • 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.
  • Dec. 4, 2013, 9:10 AM
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  • Nov. 26, 2013, 11:30 AM
    • 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
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Company Description
Turquoise Hill Resources Ltd is an international mining company focused on copper, gold and coal mines in the Asia Pacific region.