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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Rio Tinto Group    RIO   AU000000RIO1

RIO TINTO GROUP

(RIO)
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End-of-day quote. End-of-day quote Australian Stock Exchange - 01/25
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Turquoise Hill says special committee to review Oyu Tolgoi cost overruns

12/01/2020 | 08:38am EST
FILE PHOTO: An employee looks at the Oyu Tolgoi mine in Mongolia's South Gobi region

(Reuters) - Turquoise Hill said on Tuesday the board of Oyu Tolgoi mine in Mongolia has approved forming a special committee to conduct an independent review of cost overruns and delays related to the development of the underground copper mine.

The Oyu Tolgoi deposit in south Mongolia, jointly owned by Rio Tinto-controlled Turquoise Hill and the Mongolian state has come under scrutiny over its funding plan, with Hedge Fund Odey recently raising concerns over the project finance package for the mine. (https://bit.ly/2JbFMEb)

In a letter to the Australian exchange on Monday, an investor in the Mongolian project accused Rio of mismanaging costs, and then unfairly restricting Turquoise Hill's ability to obtain finance to pay for those costs.

Turquoise Hill last month began arbitration proceedings against its biggest shareholder Rio Tinto to seek "clarity" on financing for Oyu Tolgoi, one of Rio's biggest growth projects.

Turquoise Hill on Tuesday said each shareholder of Oyu Tolgoi, as well as Rio Tinto, is required to support the work of the committee and to contribute, on a confidential basis, "any internal or third-party report(s) in its possession relating to the cost overruns and delays."

Rio Tinto had said in September it planned to raise up to $500 million through additional lending to develop the giant copper mine.

Rio and Turquoise Hill were to jointly pursue the debt reprofiling process by engaging with existing project finance lenders, and expected a reduction of up to $1.4 billion in funding requirements for Oyu Tolgoi.

Rio in 2019 announced a cost overrun at the project of up to $1.9 billion due to difficult geology, saying total capital expenditure was expected to be in a range of $6.5 billion to $7.2 billion, and it expected a delay of up to 30 months at the mine's underground extension.

(Reporting by Arundhati Sarkar in Bengaluru; Editing by Shailesh Kuber)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
RIO TINTO GROUP 2.05% 121.77 End-of-day quote.6.98%
RIO TINTO PLC 1.46% 5963 Delayed Quote.7.44%
TURQUOISE HILL RESOURCES LTD. -1.47% 14.09 Delayed Quote.-10.99%
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Financials (USD)
Sales 2020 43 888 M - -
Net income 2020 10 531 M - -
Net Debt 2020 2 469 M - -
P/E ratio 2020 12,1x
Yield 2020 5,83%
Capitalization 135 B 135 B -
EV / Sales 2020 3,13x
EV / Sales 2021 2,75x
Nbr of Employees 46 000
Free-Float 65,2%
Chart RIO TINTO GROUP
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Rio Tinto Group Technical Analysis Chart | RIO | AU000000RIO1 | MarketScreener
Technical analysis trends RIO TINTO GROUP
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 25
Average target price 78,66 $
Last Close Price 80,38 $
Spread / Highest target 57,1%
Spread / Average Target -2,14%
Spread / Lowest Target -35,9%
EPS Revisions
Managers and Directors
NameTitle
Jakob Stausholm Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Peter Lloyd Cunningham Chief Financial Officer
Michael Gerard L'Estrange Independent Non-Executive Director
Megan Clark Independent Non-Executive Director
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