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.
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