Turquoise Hill suspends concentrated shipments from Oyu Tolgoi mine in Mongolia
Canadian mineral exploration company Turquoise Hill Resources has announced the suspension of concentrated shipments from its Oyu Tolgoi mine in Mongolia to the Chinese border.
The suspension became effective from 1 December and was due to the new requirement at the China-Mongolia border to utilise one joint coal and concentrate crossing route.
The company claimed that the new requirement leads to overlong wait times at the border, thereby causing safety and security concerns.
After the company announced the development through a statement, its shares fell by 2.5%, reported Reuters.
Duration of this suspension is still not clear as Oyu Tolgoi is trying to have the issue clarified with the respective Chinese and Mongolian authorities.
In an earlier statement, the company is estimated to produce 175,000 to 195,000 tonnes of copper in concentrates and 255,000 to 285,000 ounces of gold in concentrates this year from this mine located in the Gobi desert.
This announcement comes a day after new fees were levied on commodity shipments between China and Mongolia, after a diplomatic fight erupted due to Tibetan spiritual leader, the Dalai Lama’s visit to the Mongolian capital, Ulaanbaatar.
The Dalai Lama is deeply revered by Mongolian Buddhists, but China considers him to be a separatist leader of Tibet, the news agency reported.
Turquoise Hill is a subsidiary of Rio Tinto, which holds a 66% stake in the Oyu Tolgoi mine with operating responsibility.
The Mongolian government owns the remaining interest.
source: mining-technology.com
Latest Posts
- Eurasian Resources Group highly commends the publication of the Critical Raw Materials Act
- Rio Tinto has spent more than a million euros on land in Serbia at the proposed site of a lithium mine that was eventually cancelled a year ago
- A new grievance mechanism for Chinese overseas mining needs to be free to use
- Europe revives mining to reduce dependence on the import of key raw materials, supply from Serbia as competitive choice
- Europe, Mining key minerals without destroying nature
Popular Post
- A new grievance mechanism for Chinese overseas mining needs to be free to use
- Rio Tinto has spent more than a million euros on land in Serbia at the proposed site of a lithium mine that was eventually cancelled a year ago
- How valuable is Kosovo’s mineral wealth?
- Eurasian Resources Group highly commends the publication of the Critical Raw Materials Act
- FinnAust Mining expands copper-gold-zinc licenses in Finland
- What Are The Major Natural Resources Of Macedonia?
- Europe revives mining to reduce dependence on the import of key raw materials, supply from Serbia as competitive choice
- Investment in Czech lithium project approved by European Metals shareholders
- Vimetco NV Aluminium Romania Alro reputation challenged with electricity court case
- Canadian mining companies in Europe & ISDS