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Stock Market & Financial Investment News

News Breaks
June 23, 2014
07:46 EDTRIO, TRQOyu Tolgoi receives audit report from Mongolian Tax Authority
Turquoise Hill (TRQ) announced that Oyu Tolgoi has received an audit report from the Mongolian Tax Authority claiming unpaid taxes, penalties and disallowed entitlements associated with the initial development of the Oyu Tolgoi mine. Turquoise Hill is of the firm view that Oyu Tolgoi has paid all taxes and charges as required under the Investment Agreement and Mongolian law. Turquoise Hill and Rio Tinto (RIO) are reviewing the detailed tax claim. Any element of the claim that amounts to a breach of the investment agreement will trigger the dispute resolution process outlined in the investment agreement including possible international arbitration. The impact of these claims on resolution of the outstanding shareholder issues is unclear at this time. However, completion of the underground feasibility study is likely to be delayed if a resolution to the tax matters is not reached before June 30. Turquoise Hill CEO Kay Priestly said, "We strongly disagree with the claims in the audit report and are currently reviewing all options to resolve this matter."
News For TRQ;RIO From The Last 14 Days
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March 26, 2015
08:56 EDTRIORio Tinto CEO dismisses iron ore quota plan, Reuters says
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08:35 EDTRIORio Tinto set to cut 'at least' 1,500 jobs, Sky News reports
According to Sky News, Rio Tinto will cut "at least" 1,500 jobs as it struggles with a decline in global commodity prices. According to the report, a "substantial portion" of the jobs will be cut at the company's London headquarters, and the bulk of the planned reductions will occur at Rio's operations in Western Australia. CEO Sam Walsh last month announced a reorganization focused on "streamlining its product groups and corporate functions as part of the continued focus on efficiency and costs." Reference Link
March 24, 2015
16:35 EDTTRQTurquoise Hill sees FY15 gold production 600,000-700,000 ounces of gold
Based on the current mine schedule, Oyu Tolgoi is expected to produce 175,000 to 195,000 tonnes of copper and 600,000 to 700,000 ounces of gold in concentrates in 2015. Production from the high-grade core of the southwest zone is expected to recommence in mid-2015. The Company expects production distribution to be relatively similar to 2014 with production levels significantly higher in the second half of 2015.
16:34 EDTTRQTurquoise Hill reports Q4 EPS 6c, consensus 6c
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15:27 EDTTRQNotable companies reporting after market close
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March 23, 2015
09:34 EDTRIOIAMGOLD to sell Diavik Diamond royalty to Sandstorm Gold for $56.8M
AMGOLD (IAG) announced that it has completed an agreement with Sandstorm Gold (SAND) to sell the Company's gross proceeds royalty over property in Lac de Gras in the Northwest Territories, Canada, including property constituting the Diavik Diamond Mine. The Diavik Diamond Mine is owned, under an unincorporated joint venture structure, 60% by Diavik Diamond Mines, a subsidiary of Rio Tinto (RIO), and 40% by Dominion Diamond Diavik Limited Partnership, a subsidiary of Dominion Diamond (DDC). The Diavik Diamond Royalty is being sold for total proceeds of $56.8M, comprised of $52.5M cash on closing and three million five-year warrants exercisable after initial production from the Diavik Diamond Mine's A21 pipe at an exercise price of $4.50, valued at $4.3 million based on the Company's internal valuation methodology.
09:33 EDTRIOSandstorm Gold acquires royalty on Diavik diamon mine operated by Rio Tinto
Sandstorm Gold (SAND) announced that the company has acquired a 1% gross proceeds royalty over property in Lac de Gras in the Northwest Territories, Canada, including property constituting the Diavik Diamond Mine operated by Rio Tinto (RIO). Sandstorm acquired the Diavik Mine Royalty from IAMGOLD Corporation for $52.5M in cash and 3M warrants of Sandstorm. The warrants have a 5 year term, a strike price of $4.50 per Sandstorm common share and will be exercisable following initial production from the Diavik Mine's A21 pipe.
March 18, 2015
19:08 EDTTRQTurquoise Hill announces filing of statutory feasibility study by Oyu Tolgoi
Turquoise Hill announced that Oyu Tolgoi has filed a statutory 2015 Oyu Tolgoi Feasibility Study, or OTFS 2015, with the Mongolian Minerals Council, or MMC. Under Mongolian law, Oyu Tolgoi is required to submit an update to the feasibility study at least every five years; the 2009 Oyu Tolgoi Feasibility Study was accepted in March 2010. When outstanding shareholder matters have been resolved, an updated feasibility study will be submitted to replace OTFS 2015 for acceptance by the MMC. OTFS 2015 is based on the same study as, and is consistent with, the 2014 Oyu Tolgoi Technical Report, which was disclosed by Turquoise Hill in October 2014. However, since the specific commencement date for development of the underground Hugo North block cave is unknown and dependent on resolution of shareholder matters, the OTFS 2015 study reserve case presents the underground without a start date and separate from the open pit. A life of mine case is also presented in OTFS 2015. In this case, a long-dated nominal start date was assumed for underground development. This date was selected only to deal with the uncertainty of commencement and does not reflect an intended underground restart date.
March 16, 2015
10:02 EDTRIOOn The Fly: Analyst Downgrade Summary
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08:10 EDTRIORio Tinto downgraded to Neutral from Overweight at HSBC
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