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News Breaks
June 23, 2014
07:46 EDTTRQ, RIOOyu 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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January 21, 2015
06:06 EDTRIORio Tinto reports FY14 global iron ore shipments up 17% from FY13
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January 19, 2015
12:37 EDTTRQTurquoise Hill sees FY15 Oyu Tolgoi copper production 175K-195K tonnes
Turquoise Hill Resources announced the Q414 Production for Oyu Tolgoi.Production for Q4'14 was 50,300 tonnes of copper and 278,000 ounces of gold in concentrates. Higher ore grades during the quarter led to increased metal production over prior quarters, which was partially offset by reduced processing rates as a result of the December concentrator fire. Repairs from the fire were completed on January 2, 2015 and the concentrator has returned to full production. Full year 2014 production was 148,400 tonnes of copper and 589,000 ounces of gold in concentrates; in-line with the Company's guidance. Strong concentrate sales continued during Q4'14 with sales exceeding production resulting in an inventory drawdown for the quarter. By year end, marketing and logistics improvements throughout 2014 resulted in concentrate inventories being drawn down to expected levels. Jeff Tygesen, Turquoise Hill CEO, said, "Despite some operational interruptions during the year, Oyu Tolgoi continued to improve through 2014. We look forward to building on 2014 achievements throughout 2015." In 2015, 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. Based on the 2015 mine schedule, production from the high-grade zone is expected to resume in mid-2015.
January 15, 2015
10:00 EDTRIOOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: American Campus (ACC) downgraded to Sell from Neutral at Goldman... Apple (AAPL) downgraded to Neutral from Buy at Mizuho... Archer Daniels (ADM) downgraded to Neutral from Buy at Goldman... Barrick Gold (ABX) downgraded to Underweight from Equal Weight at Barclays... CNOOC (CEO) downgraded to Underperform from Hold at Jefferies... CSC (CSC) downgraded to Underweight from Neutral at JPMorgan... Computer Programs (CPSI) downgraded to Market Perform from Outperform at William Blair... D.R. Horton (DHI) downgraded to Neutral from Buy at UBS... DDR Corp. (DDR) downgraded to Neutral from Overweight at JPMorgan... Dominion Diamond (DDC) downgraded to Equal Weight from Overweight at Barclays... EVERTEC (EVTC) downgraded to Neutral from Overweight at JPMorgan... Education Realty (EDR) downgraded to Sell from Neutral at Goldman... Franco-Nevada (FNV) downgraded to Underweight from Equal Weight at Barclays... General Cable (BGC) downgraded to Neutral from Buy at Longbow... Green Dot (GDOT) downgraded to Neutral from Overweight at JPMorgan... Greif (GEF) downgraded to Neutral from Buy at BofA/Merrill... Grupo Simec (SIM) downgraded to Neutral from Buy at Goldman... Hecla Mining (HL) downgraded to Hold from Buy at BB&T... Host Hotels (HST) downgraded to Hold from Buy at MLV & Co.... Ingredion (INGR) downgraded to Sell from Neutral at Goldman... Insulet (PODD) downgraded to Market Perform from Outperform at Raymond James... Johnson & Johnson (JNJ) downgraded to Sell from Neutral at Goldman... Magna (MGA) downgraded to Hold from Buy at TD Securities... Molson Coors (TAP) downgraded to Neutral from Buy at Goldman... Nuverra Environmental (NES) downgraded at Roth Capital... Omnicom (OMC) downgraded to Hold from Buy at Evercore ISI... PetroChina (PTR) downgraded to Underperform from Hold at Jefferies... Philip Morris (PM) downgraded to Sell from Neutral at Goldman... Precision Castparts (PCP) downgraded to Hold from Buy at KeyBanc... Rio Tinto (RIO) downgraded to Neutral from Outperform at Macquarie... STAG Industrial (STAG) downgraded to Neutral from Overweight at JPMorgan... Silicon Laboratories (SLAB) downgraded to Equal Weight from Overweight at Barclays... Sinopec (SNP) downgraded to Underperform from Hold at Jefferies... Sky (SKYAY) downgraded to Neutral from Outperform at Exane BNP Paribas... Teledyne (TDY) downgraded to Underweight from Hold at KeyBanc... Woodward (WWD) downgraded to Underweight from Hold at KeyBanc... Xilinx (XLNX) downgraded to Equal Weight from Overweight at Barclays.
06:58 EDTRIORio Tinto downgraded to Neutral from Outperform at Macquarie
Macquarie downgraded Rio Tinto to Neutral based on relative valuation.

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