TRQ confirms approval of short-term increase in OT Underground Mine Development BudgetEconomy
Ulaanbaatar /MONTSAME/. Turquoise Hill Resources Ltd. announced today that, in light of the progress made in the ongoing negotiations between the Government of Mongolia, Rio Tinto and the Company, the Board of Directors of OT LLC approved a bridging budget of $75 million to continue to progress critical activities in the Oyu Tolgoi ("OT") underground mine development project. The Company expects that the approved increase should be sufficient to sustain work on the development of the OT underground mine up to mid January 2022.
While the Company believes that the decision to approve the bridging budget was a necessary and positive step in the near term, the Company cautions that there can be no assurance that the OT Board will approve any future necessary additional investments to further progress underground development and accordingly OT LLC remains at risk of having to slow down further work on the underground development.