Turquoise Hill Acknowledges Receipt of Notice of Arbitration from Entrée Resources Ltd.
May 27 2022 - 5:00PM
Business Wire
Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ) (“Turquoise
Hill” or the “Company”) today announced that it has received a
notice of arbitration from Entrée Resources Ltd. (“Entrée”) in
connection with the Earn-in Agreement (the “Earn-in Agreement”)
with Entrée.
The Company disputes the characterizations made by Entrée in its
news release dated May 26, 2022 announcing the initiation of
arbitration proceedings. Turquoise Hill has been in discussions
with Entrée in order to resolve certain commercial disagreements in
connection with the Earn-in Agreement. The Company reserves all of
its rights and will vigorously defend itself. The Company will
update the market as appropriate.
About Turquoise Hill Resources
Turquoise Hill is an international mining company focused on the
operation and continued development of the Oyu Tolgoi copper-gold
mine in Mongolia, which is the Company’s principal and only
material mineral resource property. Turquoise Hill’s ownership of
the Oyu Tolgoi mine is held through a 66% interest in Oyu Tolgoi
LLC (Oyu Tolgoi); Erdenes Oyu Tolgoi LLC (Erdenes), a Mongolian
state-owned entity, holds the remaining 34% interest.
Forward-looking statements and forward-looking
information
Certain statements made herein, including statements relating to
matters that are not historical facts and statements of the
Corporation’s beliefs, intentions and expectations about
developments, results and events which will or may occur in the
future, constitute “forward-looking information” within the meaning
of applicable Canadian securities legislation and “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements and information relate to future events
or future performance, reflect current expectations or beliefs
regarding future events and are typically identified by words such
as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“intend”, “likely”, “may”, “plan”, “seek”, “should”, “will” and
similar expressions suggesting future outcomes or statements
regarding an outlook. These include, but are not limited to,
statements and information regarding: the outcome of any
negotiations with Entrée relating to the Earn-in Agreement and the
form of joint venture agreement appended to the Earn-in Agreement,
or any arbitration proceedings relating to such matters; the nature
of the Corporation’s ongoing relationship and interaction with the
Government of Mongolia with respect to the continued operation and
development of Oyu Tolgoi, including as a result of the impact of
matters pertaining to the Earn-in Agreement; and other statements
that are not historical facts.
Forward-looking statements and information are made based upon
certain assumptions and other important factors that, if untrue,
could cause the actual results, performance or achievements of the
Corporation to be materially different from future results,
performance or achievements expressed or implied by such statements
or information. There can be no assurance that such statements or
information will prove to be accurate. Such statements and
information are based on numerous assumptions regarding present and
future business strategies, local and global economic conditions,
and the environment in which the Corporation will operate in the
future, including: the possibility that the outcome of any
arbitration proceedings relating to the Earn-in Agreement and the
form of joint venture agreement appended to the Earn-in Agreement
are materially adverse to the Corporation in the event that a
negotiated resolution of the commercial disagreements with Entrée
is not achieved; and the impact of such matters on the
Corporation’s ongoing relationship and interactions with the
Government of Mongolia.
Readers are cautioned not to place undue reliance on
forward-looking information or statements. By their nature,
forward-looking statements involve numerous assumptions, inherent
risks and uncertainties, both general and specific, which
contribute to the possibility that the predicted outcomes will not
occur. Events or circumstances could cause Turquoise Hill’s actual
results to differ materially from those estimated or projected and
expressed in, or implied by, these forward-looking statements.
Important factors that could cause actual results to differ from
these forward-looking statements are included in the “Risk Factors”
section in Turquoise Hill’s Annual Information Form for the year
ended December 31, 2021 (the “AIF”), as supplemented by the “Risks
and Uncertainties” section of Turquoise Hill’s Interim Management’s
Discussion and Analysis for the first quarter ended March 31, 2022
(the “Q1’22 MD&A”).
Readers are further cautioned that the list of factors
enumerated in the “Risk Factors” section of the AIF and in the
“Risks and Uncertainties” section of the Q1’22 MD&A that may
affect future results is not exhaustive. When relying on Turquoise
Hill’s forward-looking statements and information to make decisions
with respect to Turquoise Hill, investors and others should
carefully consider the foregoing factors and other uncertainties
and potential events. Furthermore, the forward-looking statements
and information contained herein are made as of the date of this
document and Turquoise Hill does not undertake any obligation to
update or to revise any of the included forward-looking statements
or information, whether as a result of new information, future
events or otherwise, except as required by applicable law. The
forward-looking statements and information contained herein are
expressly qualified by this cautionary statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220527005326/en/
Investors and Media Roy McDowall
roy.mcdowall@turquoisehill.com Follow us on Twitter
@TurquoiseHillRe
Turquoise Hill Resources (NYSE:TRQ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Turquoise Hill Resources (NYSE:TRQ)
Historical Stock Chart
From Apr 2023 to Apr 2024