{"id":474033,"date":"2021-04-09T02:26:27","date_gmt":"2021-04-09T06:26:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=474033"},"modified":"2021-04-09T02:26:27","modified_gmt":"2021-04-09T06:26:27","slug":"rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\/","title":{"rendered":"Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi"},"content":{"rendered":"<p>        <!--.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwtablemarginb { margin-bottom: 10px }\n.bwvertalignt { vertical-align: top }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi<\/b><\/p>\n<p>MELBOURNE, Australia&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nRio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the \u201cFunding Plan\u201d) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion<sup>1<\/sup>, building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.\n<\/p>\n<p>\nUnder the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\npursue re-profiling of principal debt repayments up to $1.4 billion with lenders under the existing project finance arrangements to better align with the revised mine plan, project timing and cash flows;\n<\/li>\n<li>\nseek to raise up to $500 million in senior supplemental debt (SSD) under the existing project financing arrangements from selected international financial institutions;\n<\/li>\n<li>\nRio Tinto has committed to address any potential shortfalls from the re-profiling and additional SSD of up to $750 million by providing a senior co-lending facility (the \u201cCo-Lending Facility\u201d) on the same terms as OT\u2019s project financing; and\n<\/li>\n<li>\nTRQ has committed to complete a rights offering or placement of common shares for up to $500 million to satisfy any remaining funding shortfall within six months of the Co-Lending Facility becoming available.\n<\/li>\n<\/ul>\n<p>\nRio Tinto Copper Chief Executive Bold Baatar said \u201cThis agreement and alignment with TRQ represents a major milestone in the continued development of Oyu Tolgoi, which is expected to become one of the world\u2019s largest copper mines and a significant contributor to the Mongolian economy for years to come. Commencing the re-profiling whilst concurrently listening, engaging and resolving the concerns of the Government of Mongolia are critical steps to maintaining momentum on the timely delivery of the Oyu Tolgoi Underground Project.\u201d\n<\/p>\n<p>\n\u201cWe are pleased to have reached a constructive and equitable agreement with Rio Tinto to fund the Oyu Tolgoi underground development,\u201d stated Steve Thibeault, Interim Chief Executive Officer of Turquoise Hill. \u201cWith a binding funding agreement now in place that sets out a process along a known timeline, we will be able to move ahead as expeditiously as possible with the development of the underground project at Oyu Tolgoi. We remain committed to continue delivering a benefit to all stakeholders, including Mongolia and its citizens, and to delivering significant long-term value for TRQ as this project progresses.\u201d\n<\/p>\n<p>\nRio Tinto and TRQ have agreed to jointly obtain an order dismissing the current arbitration on a without prejudice basis, including an order vacating the interim measures order.\n<\/p>\n<p><b>Rio Tinto Canadian early warning disclosure<\/b><\/p>\n<p>\nRio Tinto currently beneficially owns 102,196,643 common shares of TRQ, representing approximately 50.8% of the issued and outstanding common shares of TRQ. Rio Tinto also has anti-dilution rights that permit it to acquire additional securities of TRQ so as to maintain its proportionate equity interest in TRQ from time to time.\n<\/p>\n<p>\nAs the subscription price for and the amount of any rights offering or other equity offering is not determinable at this time, the number of TRQ common shares Rio Tinto will beneficially own following closing of any such equity offering cannot be determined at this time.\n<\/p>\n<p>\nExcept in connection with any such equity offering, Rio Tinto has no present intention of acquiring additional securities of TRQ. Depending upon its evaluation of the business, prospects and financial condition of TRQ, the market for TRQ\u2019s securities, general economic and tax conditions and other factors, Rio Tinto may directly or indirectly acquire or sell some or all of the securities of TRQ.\n<\/p>\n<p>\nThis announcement is authorised for release to the market by, and a copy of the related early warning report may be obtained from, Rio Tinto\u2019s Group Company Secretary.\n<\/p>\n<p>\nThis announcement is authorised for release to the market by Rio Tinto\u2019s Group Company Secretary.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>1<\/sup> The estimated remaining funding requirement is based on the terms of the HoA and current anticipated copper prices, among other factors, and does not include funding, if any, which may become required for a power plant.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210408006002r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210408006002\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210408006002\/en\/<\/a><\/span><\/p>\n<p><a rel=\"nofollow\" href=\"mailto:media.enquiries@riotinto.com\">media.enquiries@riotinto.com<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.riotinto.com&amp;esheet=52409074&amp;newsitemid=20210408006002&amp;lan=en-US&amp;anchor=riotinto.com&amp;index=1&amp;md5=b404ecfa4d0d6ec44060fb7e177c6a3a\">riotinto.com <\/a><\/p>\n<p>\nFollow @RioTinto on Twitter\n<\/p>\n<p><b>Media Relations, United Kingdom<br \/>\n<\/b><br \/>Illtud Harri<br \/>\n<br \/>M +44 7920 503 600\n<\/p>\n<p>\nDavid Outhwaite<br \/>\n<br \/>T +44 20 7781 1623<br \/>\n<br \/>M +44 7787 597 493\n<\/p>\n<p><b>Media Relations, Americas<br \/>\n<\/b><br \/>Matthew Klar<br \/>\n<br \/>T +1 514 608 4429\n<\/p>\n<p><b>Media Relations, Asia<br \/>\n<\/b><br \/>Grant Donald<br \/>\n<br \/>T +65 6679 9290<br \/>\n<br \/>M +65 9722 6028\n<\/p>\n<p><b>Media Relations, Australia<br \/>\n<\/b><br \/>Jonathan Rose<br \/>\n<br \/>T +61 3 9283 3088<br \/>\n<br \/>M +61 447 028 913\n<\/p>\n<p>\nMatt Chambers<br \/>\n<br \/>T +61 3 9283 3087<br \/>\n<br \/>M +61 433 525 739\n<\/p>\n<p>\nJesse Riseborough<br \/>\n<br \/>T +61 8 6211 6013<br \/>\n<br \/>M +61 436 653 412\n<\/p>\n<p><b>Investor Relations, United Kingdom<br \/>\n<\/b><br \/>Menno Sanderse<br \/>\n<br \/>T: +44 20 7781 1517<br \/>\n<br \/>M: +44 7825 195 178\n<\/p>\n<p>\nDavid Ovington<br \/>\n<br \/>T +44 20 7781 2051<br \/>\n<br \/>M +44 7920 010 978\n<\/p>\n<p>\nClare Peever<br \/>\n<br \/>M: +44 7788 967 877\n<\/p>\n<p><b>Investor Relations, Australia<br \/>\n<\/b><br \/>Natalie Worley<br \/>\n<br \/>T +61 3 9283 3063<br \/>\n<br \/>M +61 409 210 462\n<\/p>\n<p>\nAmar Jambaa<br \/>\n<br \/>T +61 3 9283 3627<br \/>\n<br \/>M +61 472 865 948\n<\/p>\n<p><b>Group Company Secretary<br \/>\n<\/b><br \/>Steve Allen\n<\/p>\n<p><b>Rio Tinto plc<br \/>\n<\/b><br \/>6 St James\u2019s Square<br \/>\n<br \/>London SW1Y 4AD<br \/>\n<br \/>United Kingdom<br \/>\n<br \/>T +44 20 7781 2000<br \/>\n<br \/>Registered in England<br \/>\n<br \/>No. 719885\n<\/p>\n<p><b>Joint Company Secretary<br \/>\n<\/b><br \/>Tim Paine\n<\/p>\n<p><b>Rio Tinto Limited<br \/>\n<\/b><br \/>Level 7, 360 Collins Street<br \/>\n<br \/>Melbourne 3000<br \/>\n<br \/>Australia<br \/>\n<br \/>T +61 3 9283 3333<br \/>\n<br \/>Registered in Australia<br \/>\n<br \/>ABN 96 004 458 404\n<\/p>\n<p>\nCategory: General\n<\/p>\n<p><b>KEYWORDS:<\/b> Australia\/Oceania Europe Australia United Kingdom<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Natural Resources Other Natural Resources Mining\/Minerals<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210408006002\/en\/756940\/3\/Rio_Tinto_logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi MELBOURNE, Australia&#8211;(BUSINESS WIRE)&#8211; Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the \u201cFunding Plan\u201d) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion1, building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020. Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-474033","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi MELBOURNE, Australia&#8211;(BUSINESS WIRE)&#8211; Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the \u201cFunding Plan\u201d) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion1, building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020. Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being &hellip; Continue reading &quot;Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-09T06:26:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210408006002r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi\",\"datePublished\":\"2021-04-09T06:26:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\\\/\"},\"wordCount\":866,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20210408006002r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\\\/\",\"name\":\"Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi - 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The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion1, building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020. Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being &hellip; Continue reading \"Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-09T06:26:27+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210408006002r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi","datePublished":"2021-04-09T06:26:27+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\/"},"wordCount":866,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210408006002r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/rio-tinto-reaches-agreement-with-turquoise-hill-resources-on-financing-plan-for-oyu-tolgoi\/","name":"Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi - 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