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February 13, 2014
05:36 EDTTRQTurquoise Hill updates on Oyu Tolgoi
Oyu Tolgoi's gross revenues were $55M on sales of 26,400 tonnes of concentrate. Year to date sales volumes have fallen short of expectations and some sales have been deferred into the Q2 and Q3. 60% of Oyu Tolgoi's 2014 production is under contract, with additional volumes confirmed and subject to contract finalization. Discussions are advancing well to place the balance of material. Production rates have recently been impacted by various post-commissioning issues including the failure of the rake blades in the tailings thickeners. This is expected to result in the shutdown of one line for a period of six to eight weeks. The operations team is taking the opportunity to pull forward plant maintenance and modification work, that would have required plant slow down later in the year. For 2014, Oyu Tolgoi continues to target production of 150,000-175,000 tonnes of copper in concentrates and 700,000-750,000 ounces of gold in concentrates. However, Oyu Tolgoi will monitor production levels and if necessary, match them to meet customer requirements, with the goal of returning to more normal levels of inventory by the end of 2014.
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September 22, 2014
08:19 EDTTRQOyu Tolgoi finalizes underground feasibility study
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08:08 EDTTRQTurquoise Hill provides update on Mongolian tax authority ruling
Turquoise Hill Resources announced that it has completed a detailed review of the tax ruling of the Tax Dispute Resolution Council of the Mongolian General Taxation Department issued on September 10. The ruling has reduced the amount of tax, interest and penalties claimed to be payable by Oyu Tolgoi from approximately $127M to approximately $30M. While this significant reduction is welcome, there are aspects of the ruling that require further clarification. Oyu Tolgoi will continue to work with the Mongolian Tax Authority to obtain further clarity on some of the findings in the ruling. Turquoise Hill, Rio Tinto and the Government of Mongolia continue to engage in order to resolve outstanding shareholder issues.

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