Turquoise Hill Resources Rejects Request From Mongolian Government to
Renegotiate Oyu Tolgoi Investment Agreement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/15/12 -- Turquoise
Hill Resources (TSX:TRQ)(NYSE:TRQ)(NASDAQ:TRQ) today announced that
the company, together with Rio Tinto and Oyu Tolgoi LLC, have
rejected a request from the Government of Mongolia to renegotiate the
Oyu Tolgoi Investment Agreement. This comes following receipt of a
letter from the Minister of Mining requesting the parties renegotiate
the landmark agreement that was signed in October 2009 and became
fully effective in March 2010.
As recently as October 2011, the Mongolian Government reaffirmed that
the Investment Agreement was signed in full compliance with all laws
and regulations of Mongolia.
Kay Priestly, Chief Executive Officer of Turquoise Hill, said, "The
Investment Agreement is mutually beneficial for the Mongolian
Government and investors. We have invested nearly US$6 billion,
created thousands of jobs for Mongolians and are on the verge of
production based on the Investment Agreement, which provides a stable
legal framework and is a legally-binding document. The Investment
Agreement has been fundamental in building Mongolia's reputation as
an increasingly reliable and secure destination for foreign
Oyu Tolgoi is one of the key drivers of Mongolia's economic growth
and the economic and social benefits from the mine will be
fundamental contributors to a successful Mongolian future.
About Turquoise Hill Resources
Turquoise Hill Resources (TSX:TRQ)(NYSE:TRQ)(NASDAQ:TRQ), formerly
Ivanhoe Mines, is an international mining company focused on copper,
gold and coal mines in the Asia Pacific region. The company's primary
operation is its 66% interest in the Oyu Tolgoi copper-gold-silver
mine development in southern Mongolia, which is expected to begin
commercial production in the first half of 2013. Other assets include
a 58% interest in Mongolian coal miner SouthGobi Resources
(TSX:SGQ)(HKSE:1878); a 59% interest in copper-gold miner Ivanhoe
Australia (ASX:IVA)(TSX:IVA); and a 50% interest in Altynalmas Gold,
a private company developing the Kyzyl Gold Project in Kazakhstan.
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