Latest Breaking News On - Dubai agreement - Page 1 : comparemela.com

'Confirmation for debt forbearance and current outstanding balance' has been signed today by N.Tserenbat, CEO of Erdenes Oyu Tolgoi LLC and Luke Colton, Chief Financial Officer at Turquoise Hill Resources. This means Mongolia's USD 2.3 billion debt for its share (34 percent) in the Oyu Tolgoi copper-gold project has been completely waived by Oyu Tolgoi Netherlands (OTN).Per the terms of the Amended and Restated Shareholders’ Agreement dated 8 June 2011, USD 2.3 billion loans were provided to fund the capital contributions of Erdenes Oyu Tolgoi (EOT) to OT LLC in respect of common shares issued by OT LLC to EOT."In accordance with Articles 236.6 and 239.1 of the Civil Code of Mongolia and upon mutual agreement between EOT, as borrower, and OTN, as lender, we hereby inform you that, OTN has waived repayment of any and all amounts due and owing as of the Effective Date" says the confirmation.Incidentally, on December 13, 2021 Rio Tinto and Turquoise Hill Resourc

United arab emiratesErdenes oyu tolgoiOyu tolgoiLuke coltonRio tintoOyu tolgoi underground mine developmentChief financial officerTurquoise hillOyu tolgoi netherlandsRestated shareholder agreementCivil codeTurquoise hill resourcesPrime ministerFinancing planDubai agreementOngol news