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    TRQ   CA9004352071

TURQUOISE HILL RESOURCES LTD.

(TRQ)
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Delayed Toronto Stock Exchange  -  05/24 04:00:00 pm EDT
35.94 CAD   +1.24%
05/20Australian Shares Rebound Amid Rally in IT Counter Following Previous Session's Sell-off
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05/20Rio Tinto to Provide $400 Million Debt Funding to Majority-Owned Turquoise Hill Resources
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05/19Scotiabank Says Turquoise Hill's Amended Agreement With Rio Tinto Eases Near-Term Financing Pressure For Oyu Tolgoi Project
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Turquoise Hill Shares Jump After Agreement Clears Mongolia Mine Expansion

01/25/2022 | 10:48am EDT

By Robb M. Stewart


Turquoise Hill Resources Ltd.'s shares rallied Tuesday after a deal was struck to allow the delayed expansion of the Oyu Tolgoi copper mine in Mongolia to push ahead.

In morning trading, the Toronto-listed shares were 16% higher at C$22.16, and are now up 6.5% in the new year. Rio Tinto's American depositary receipts were 1% lower at $72.50 on the New York Stock Exchange.

Majority-owner Rio Tinto said it had reached an agreement with Turquoise Hill, which owns most of the Oyu Tolgoi operation, and Mongolia's government that will see the start of underground operations at the mine in the South Gobi desert.

The agreement resolves a dispute between the partners on how to split the cost of an underground expansion, which is several years delayed.

Under the deal, Turquoise Hill will waive in full a $2.4 billion loan to Mongolia's Erdenes Oyu Tolgoi, and an updated funding plan has been agreed to address Turquoise Hill's estimated remaining funding requirement for the underground project. Turquoise Hill has agreed to an equity or rights offering of up to $1.5 billion, with an initial offering of at least $650 million no later than the end of August.

The country's parliament has approved a resolution that resolves the outstanding issues that have been subject to negotiations with the government of Mongolia over the last two years, Rio Tinto said.


Write to Robb M. Stewart at robb.stewart@wsj.com


(END) Dow Jones Newswires

01-25-22 1048ET

Stocks mentioned in the article
ChangeLast1st jan.
RIO TINTO PLC 2.18% 5661 Delayed Quote.13.27%
SILVER -1.22% 21.844 Delayed Quote.-6.60%
TURQUOISE HILL RESOURCES LTD. 1.24% 35.94 Delayed Quote.72.79%
All news about TURQUOISE HILL RESOURCES LTD.
05/20Australian Shares Rebound Amid Rally in IT Counter Following Previous Session's Sell-of..
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05/20Rio Tinto to Provide $400 Million Debt Funding to Majority-Owned Turquoise Hill Resourc..
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05/19Scotiabank Says Turquoise Hill's Amended Agreement With Rio Tinto Eases Near-Term Finan..
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05/19Rio Tinto Offers Turquoise Hill $400 Million Short-term Funding As Latter Reviews Takeo..
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05/18Turquoise Hill to receive debt funding from Rio Tinto as it evaluates $2.7 bln offer
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05/18Turquoise Hill Resources Details Amendment to Comprehensive Financing Arrangement with ..
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05/18TURQUOISE HILL RESOURCES BRIEF : Details Amendment to Comprehensive Financing Arrangement ..
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05/18Turquoise Hill Announces Amendment to Comprehensive Financing Arrangement with Rio Tint..
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05/12Turquoise Hill Resources Upgraded to Sector Outperform at Scotiabank
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05/11Turquoise Hill Resources Ltd. Elects Caroline Donally as Director
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Analyst Recommendations on TURQUOISE HILL RESOURCES LTD.
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Financials (USD)
Sales 2022 1 480 M - -
Net income 2022 362 M - -
Net Debt 2022 3 817 M - -
P/E ratio 2022 15,1x
Yield 2022 -
Capitalization 5 624 M 5 624 M -
EV / Sales 2022 6,38x
EV / Sales 2023 6,40x
Nbr of Employees 3 478
Free-Float 49,2%
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Mean consensus BUY
Number of Analysts 5
Last Close Price 27,95 $
Average target price 35,32 $
Spread / Average Target 26,4%
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Managers and Directors
Steeve Thibeault Chief Executive Officer & Director
Luke Colton Chief Financial Officer
Robert Peter Charles Gillin Chairman
Jo-Anne Dudley Chief Operating Officer
Russel C. Robertson Independent Director
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