Pentwater Capital Management LP ("Pentwater"), a long-term supportive investor and the largest minority shareholder of Turquoise Hill Resources Ltd. ("Turquoise Hill" or the "Company") (TRQ.TO) (TRQ.TO), owning, together with its affiliates and associates, approximately 9.09% of the Company's issued and outstanding common shares, today responded to Turquoise Hill’s April 6, 2020 press release. Pentwater believes that Turquoise Hill’s release not only fails adequately to address the important concerns voiced in Pentwater’s recently filed proxy circular, but is both misleading and inaccurate in its attempt to deflect accountability for the self-inflicted wounds that have been an overhang on the Company's otherwise world-class asset base away from the Company’s management team and board of directors (the "Board").
Credit Suisse (SIX:CSGN) analyst Curt Woodworth maintained a Hold rating on Turquoise Hill Resources (NYSE:TRQ) Ltd on Wednesday, setting a price target of C$0.9, which is approximately 67.60% above the present share price of $0.54.
NEW YORK, NY / ACCESSWIRE / March 23, 2020 / Turquoise Hill Resources Ltd. (NYSE:TRQ) will be discussing their earnings results in their 2019 Fourth Quarter Earnings call to be held on March 23, 2020 at ...
Turquoise Hill Resources Ltd. ("Turquoise Hill" or the "Company") today announced first quarter 2020 production for Oyu Tolgoi and provided an update on underground development, COVID-19 and power.
At this time, I would like to welcome everyone to the Turquoise Hill Resources First Quarter 2020 Results Conference call. With me on the call are Ulf Quellmann, our CEO; Luke Colton, our CFO; and Jo-Anne Dudley, our COO.
Turquoise Hill to announce fourth quarter and full year 2019 financial results on March 20, 2020
Turquoise Hill Resources Ltd. (the "Company") announced today that it will be seeking shareholder approval to implement a consolidation of its outstanding common shares. Reasons for and details of the share consolidation will be included in the Company's Management Proxy Circular, which will be mailed to the Company's shareholders in advance of the Company's 2020 Annual Meeting of Shareholders.
Turquoise Hill postpones Annual General and Special Meeting
Turquoise Hill shareholders have suffered massive value destruction at the hands of Rio Tinto, which operates the Oyu Tolgoi Project (allegedly under the watchful eye of Oyu Tolgoi's majority owner, Turquoise Hill) while also being the majority shareholder of Turquoise Hill. Turquoise Hill’s board and management have failed to effectively oversee Rio Tinto, and intervene in the abuse of control and refusal to make complete and truthful disclosure by Rio Tinto of the Oyu Tolgoi Project.
LARKSPUR, Calif.--(BUSINESS WIRE)-- #ESG--SAILINGSTONE CAPITAL PARTNERS (“SailingStone”) announces that it has written an open letter to the shareholders of Turquoise Hill Resources Ltd (TSX/NYSE: TRQ) (“Turquoise Hill”) informing them of SailingStone’s votin…
Turquoise Hill announces financial results and review of operations for 2019
Turquoise Hill Announces Date of Rescheduled Annual General and Special Meeting
We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the m…
(Bloomberg Opinion) -- A combination of hefty dividends and contracting output is turning the world’s second-largest miner into the poster child for a $1.5 trillion industry’s growth quandary.Rio Tinto Group announced a record $3.7 billion final dividend Wednesday, adding to $11.9 billion of cash returns already paid in 2019. Yet it produced less iron ore, copper and aluminum, leaving market prices to lift underlying earnings by 18%. Rio’s Pilbara operations stumbled early in the year. Its Mongolian copper mine, a key source of future production and the basis of a greener portfolio, is now not only sorely overdue and over-budget, but also tangled in international tax arbitration. The $86 billion mining giant isn’t alone. High dividend yields and pedestrian output have begun to define resources heavyweights that used to be known for the exact opposite. Diversified groups relied on their varied sources of cash to expand, but large-scale opportunities are scarcer than ever, and portfolios look far less diverse too, once coal and other less appealing assets have been carved off. At Rio, iron ore now accounts for three-quarters of its underlying Ebitda.For investors, it hasn’t been all bad news. Since Chief Executive Officer Jean-Sebastien Jacques took the helm in 2016, Rio’s total return including reinvested dividends adds up to an impressive 112%, outpacing most rivals.Yet much of that is due to generous payouts. For a company that digs stuff up for a living, this may not be sustainable — especially for one that aims to build a portfolio better aligned with a carbon-light global economy. It may also be an indication of just how hard it is to change. Rio paid shareholders in 2019 more than double its capital expenditure budget for the same year.One priority has been copper. Under Jacques, head of that unit until he became CEO, Rio has said it wants to add more of the red metal as its existing mines age, and will look at other green ingredients, those for rechargeable batteries and the like. Yet a unit set up to consider just such deals hasn’t sealed a single one despite considering more than 200 opportunities, and the company has suffered blow after blow in Mongolia. Its Oyu Tolgoi mine in the South Gobi accounts for only a fraction of Rio’s value today, but could dictate the company’s fortunes. So far, it’s mostly an unhelpful headache. The mine, which Rio holds through Canada-listed Turquoise Hill Resources Ltd., is one of the largest copper deposits around, and could produce an annual 550,000 metric tons of copper, almost as much as Rio produced last year, plus 450,000 ounces of gold. In the parlance of big miners, it moves the needle.Unfortunately, it also encapsulates everything that makes such projects so challenging: tough geography, messy local politics and complex geology. The cost of the largest, underground, portion has swelled to as much as $7.2 billion, and could rise again when a final estimate is published later in 2020. First production may now be be 30 months later than predicted. Fears of a cash call have dragged down Turquoise Hill shares.In the latest development, Rio announced last week it would begin arbitration proceedings to solve a tax dispute. Few arbitration deals yield significant victories — ask Barrick Gold Corp. and Antofagasta Plc, which won a $5.8 billion ruling against Pakistan last year — and they tend to irk host governments, so it’s a worrying sign. The risk is that Oyu Tolgoi becomes Rio Tinto’s own version of Freeport-McMoRan Inc.’s Indonesian pride and joy, Grasberg – wonderful in theory, nearly impossible in practice.Rio won’t drop Mongolia, and not just because of Jacques’ own attachment to the project. A copper option, however long-dated, is valuable, even if the company doesn’t yet jump in to buy out Turquoise Hill minority shareholders.But what then? Rio has manageable debt and ample cash — $9.2 billion in free cash flow in 2019, the highest level in almost a decade — and deals look cheaper as shares in copper-heavy Freeport and First Quantum Minerals Ltd. have roughly halved since 2018. Perhaps, though, not cheap enough to warrant wrestling with Freeport’s U.S. liabilities or First Quantum’s Zambian operations.Rio isn’t shrinking quite yet. It has exploration projects, and iron-ore production already did better in the second half, albeit still short of the company’s ultimate target. Yet with Oyu Tolgoi mired in arbitration and geological complexities, and the economy swiftly shifting, it might be time for Rio to consider just how creative it can get.To contact the author of this story: Clara Ferreira Marques at cferreirama@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Clara Ferreira Marques is a Bloomberg Opinion columnist covering commodities and environmental, social and governance issues. Previously, she was an associate editor for Reuters Breakingviews, and editor and correspondent for Reuters in Singapore, India, the U.K., Italy and Russia.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
LONDON, May 11, 2020 /PRNewswire/ -- While the United States is slowly working towards ending the lockdown and restarting the economy, the federal government is quietly fighting a second war with China over critical metals. One of those critical metals in par…
Pentwater Capital Management LP ("Pentwater"), a long-term supportive investor and the largest minority shareholder of Turquoise Hill Resources Ltd. ("Turquoise Hill" or the "Company") (TRQ.TO) (TRQ.TO), owning, together with its affiliates and associates, approximately 9.09% of the Company's issued and outstanding common shares, today responded to Turquoise Hill’s April 27, 2020 press release. Yesterday morning, without advance notice to Pentwater, Turquoise Hill unilaterally postponed the upcoming annual general and special meeting of shareholders at which Pentwater is proposing resolutions that would significantly enhance minority shareholder rights.
Entrée Resources Ltd. (TSX: ETG; OTCQB: ERLFF – the "Company" or "Entrée") has today filed its interim financial results for the first quarter ended March 31, 2020. All numbers are in U.S. dollars unless otherwise noted.
Turquoise Hill Resources today announced the submission of the Feasibility Study for the Tavan Tolgoi Power Plant (TTPP) Project to the Government of Mongolia by Oyu Tolgoi LLC.
Turquoise Hill announces financial results and review of operations for the first quarter of 2020, and updated Panel 0 mine design
VANCOUVER, May 14, 2020 /PRNewswire/ - Entrée Resources Ltd. (TSX: ETG; OTCQB: ERLFF – the "Company" or "Entrée") has today filed its interim financial results for the first quarter ended March 31, 2020. All numbers are in U.S. dollars unless otherwise noted.…
Turquoise Hill's Board values engagement with its shareholders and believes an open dialogue with its shareholders is essential to its long-term success. Upon receiving the proposals from Pentwater, management and independent Board members held direct discussions with Pentwater about their proposals to better understand and address their concerns. The Board, led by the independent directors and supported by external advisors, thoroughly reviewed both proposals and recommended that shareholders vote against the first proposal and withhold their vote on the second proposal for the reasons outlined in the Company's Management Proxy Circular, filed with securities regulators on March 20, 2020 .
Since January, the movement of goods and people within Mongolia has been restricted within and across its borders to prevent the spreading of the novel coronavirus (COVID-19). Following the first positive test for COVID-19 in Mongolia on March 10 2020, the Government of Mongolia increased its restrictions on flights in and out of the country and on the movement of goods and people within and across its borders. Oyu Tolgoi LLC is complying with all of these directives and is working closely with the Mongolian authorities to prioritize the health and safety of all its employees and the wider community.
Turquoise Hill to announce first quarter financial results on May 13, 2020
TRQ earnings call for the period ending March 31, 2020.
SAILINGSTONE CAPITAL PARTNERS ("SailingStone") announces that it has written an open letter to the shareholders of Turquoise Hill Resources Ltd (TSX/NYSE: TRQ) ("Turquoise Hill") informing them of SailingStone’s voting intentions at the rescheduled Annual and Special Meeting on July 24, 2020. A copy of the letter can be found at https://sailingstonecapital.com/media.html
Turquoise Hill Resources today announced that Oyu Tolgoi LLC (Oyu Tolgoi) has been unable to reach a resolution of its previously-announced dispute with the Mongolian Tax Authority (MTA) with respect to the MTA's tax assessment, and will be proceeding with the initiation of a formal international arbitration proceeding in accordance with the dispute resolution provisions within Chapter 14 of the Oyu Tolgoi Investment Agreement (Investment Agreement) entered into with the Government of Mongolia in 2009 and Chapter 8 of the Oyu Tolgoi Underground Mine Development and Financing Plan entered into with the Government of Mongolia in 2015. The dispute resolution provisions call for an UNCITRAL arbitration seated in London before a panel of three arbitrators.