June's AI-picked stock updates now live. See what's new in Tech Titans, up 28.5% year to date.Unlock Stocks

Turquoise Hill says Oyu Tolgoi declares force majeure due to border protests

Published 2018-01-17, 10:23 p/m
© Reuters.  Turquoise Hill says Oyu Tolgoi declares force majeure due to border protests
RIO
-
RIO
-
HG
-
TRQ
-

Jan 17 (Reuters) - Turquoise Hill Resources TRQ.TO said that Oyu Tolgoi, a copper and gold mine in the southern Gobi Desert, has declared force majeure in connection with customer contracts for concentrate due to a protest by Chinese coal transporters in the Ganqimaodu Border Zone.

Protesters used vehicles to obstruct the main access road in China leading to the Chinese-Mongolian border, resulting in Oyu Tolgoi convoys being unable to deliver concentrates to customers, the Vancouver-based company said.

The force majeure is not expected to have any impact on production, the company said on Wednesday. Australian miner Rio Tinto RIO.AX RIO.L has a 66 percent shareholding in Oyu Tolgoi.

Rio holds the stake indirectly through a majority ownership of Turquoise Hill Resources. The Mongolian government owns the remaining 34 percent.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.