Turquoise Hill announces financial results and review of operations for 2020
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MONTREAL, March 8, 2021 /PRNewswire/ - Turquoise Hill Resources today announced its financial results for the year ended December 31, 2020. All figures are in U.S. dollars unless otherwise stated. 2020 was an important year for Turquoise Hill. In the face of the COVID-19 pandemic that dominated 2020, the Oyu Tolgoi mine achieved another year of excellent operational results, with copper production in-line with original guidance, and gold production exceeding original forecasts, stated Peter Gillin, Chair of the Board of Directors of Turquoise Hill. In addition to our operational excellence, the Oyu Tolgoi team posted a new record safety performance while open-pit operations continued uninterrupted throughout the entire year. Focusing on the underground, milestones achieved during 2020 included updating the mine design and completing both the 202
Turquoise Hill Announces Management Change
Turquoise Hill Resources Ltd. announced today that Mr. Ulf Quellmann has resigned as the Company’s Chief Executive Officer effective March 3, 2021 the Board of Directors of the Company and Mr. Quellmann having agreed that it would not be in the best interests of the Company for Mr. Quellmann to continue in this position. We thank Mr. Quellmann for his service to Turquoise Hill and the advancements he has made in …
Turquoise Hill Resources Ltd. (“Turquoise Hill” or the “Company”) announced today that Mr. Ulf Quellmann has resigned as the Company’s Chief Executive Officer effective March 3, 2021 the Board of Directors of the Company (the “Board ” ) and Mr. Quellmann having agreed that it would not be in the best interests of the Company for Mr. Quellmann to continue in this position.
Turquoise Hill receives Temporary Interim Relief in relation to its proposed funding strategy
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Turquoise Hill or the
Company ) announces that it was successful in obtaining a temporary order (
Order ) on its application for urgent interim relief in the arbitration proceedings with Rio Tinto International Holdings Limited (RTIHL) and a related party. As a result of the Order, until further order of the arbitrator, Rio Tinto may not use the parties existing contractual arrangements to:
authorize re-profiling negotiations with project lenders in a manner that would render Oyu Tolgoi LLC unable to execute an offering of bonds in 2021; or
Turquoise Hill seeks interim order from Arbitration Tribunal to protect viability of its proposed funding strategy
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Turquoise Hill or the
Company ) announces that it has brought an application for an interim order before the Tribunal in its arbitration proceedings with Rio Tinto International Holdings Limited (RTIHL) and a related party. The Company is taking this step in response to certain actions taken by Rio Tinto which will, if carried out by Rio Tinto:
limit the Company s ability to pursue identified financing options for the Oyu Tolgoi project and, more generally, the prospects for successfully implementing the Company s funding strategy; and
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