|Bid||0.0000 x 4000|
|Ask||0.8500 x 1100|
|Day's Range||0.8051 - 0.8199|
|52 Week Range||0.3000 - 0.9700|
|Beta (5Y Monthly)||1.74|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||4.00|
Pentwater Capital Management LP ("Pentwater"), the largest minority shareholder of Turquoise Hill Resources Ltd. ("Turquoise Hill" or the "Company") (TRQ.TO) (TRQ.TO), twice in the past two weeks has written to Turquoise Hill highlighting the Company’s inadequate and misleading disclosure of important financial information. Turquoise Hill’s announcement last Thursday served as another opportunity for the Company to be transparent with its shareholders and tell the truth about its improved liquidity position. Pentwater must ask at this point: is the Board and management team deaf, corrupt, or mindless?
MONTREAL , July 2, 2020 /CNW/ - Turquoise Hill Resources Ltd. (" Turquoise Hill " or the " Company ") today announced its updated Mineral Resources and Mineral Reserves, prepared in ...
Last Wednesday, Pentwater Capital Management LP ("Pentwater"), the largest minority shareholder of Turquoise Hill Resources Ltd. ("Turquoise Hill" or the "Company") (TRQ.TO) (TRQ.TO), wrote to Turquoise Hill highlighting the Company’s inadequate and misleading disclosure of important financial information. Specifically, Pentwater explained how the Company’s disclosure of a $4 billion capital shortfall was misleading because it failed to explain that over $900 million of the shortfall was for the construction of a power plant that the government of Mongolia publicly indicated it intended to build, and over $1.9 billion of the shortfall was for debt amortization payments that typically can be extended for the payment of a small fee.
MONTREAL, June 28, 2020 /CNW/ - Turquoise Hill Resources today announced the Government of Mongolia and Oyu Tolgoi LLC have reached an agreement to prioritise a State Owned Power Plant (SOPP) in order to support the Government's decision, taken by Cabinet in April, 2020, as the domestic power solution for the Oyu Tolgoi mine in Mongolia. The agreement envisages that the Government of Mongolia would fund and construct a SOPP at Tavan Tolgoi.
NAPLES, Fla., June 24, 2020 (GLOBE NEWSWIRE) -- Pentwater Capital Management LP ("Pentwater"), the largest minority shareholder of Turquoise Hill Resources Ltd. ("Turquoise Hill" or the "Company") (TRQ.TO) (TRQ.TO), has written the attached letter to the Board of Directors. The letter outlines yet another example of how the Board has benefited its largest shareholder Rio Tinto by failing to disclose important and necessary financial information to TRQ shareholders.
SAILINGSTONE CAPITAL PARTNERS ("SailingStone") announces that it has written an open letter to the shareholders of Turquoise Hill Resources Ltd (TSX/NYSE: TRQ) ("Turquoise Hill") informing them of SailingStone’s voting intentions at the rescheduled Annual and Special Meeting on July 24, 2020. A copy of the letter can be found at https://sailingstonecapital.com/media.html
Credit Suisse (SIX:CSGN) analyst Curt Woodworth maintained a Hold rating on Turquoise Hill Resources (NYSE:TRQ) Ltd on Wednesday, setting a price target of C$0.9, which is approximately 67.60% above the present share price of $0.54.
At this time, I would like to welcome everyone to the Turquoise Hill Resources First Quarter 2020 Results Conference call. With me on the call are Ulf Quellmann, our CEO; Luke Colton, our CFO; and Jo-Anne Dudley, our COO.
MONTREAL , May 13, 2020 /CNW/ - Turquoise Hill Resources Ltd. (" Turquoise Hill " or the " Company ") today announced its financial results for the period ended March 31, 2020 . All ...
Pentwater Capital Management LP ("Pentwater"), a long-term supportive investor and the largest minority shareholder of Turquoise Hill Resources Ltd. ("Turquoise Hill" or the "Company") (TRQ.TO) (TRQ.TO), owning, together with its affiliates and associates, approximately 9.09% of the Company's issued and outstanding common shares, today responded to Turquoise Hill’s April 27, 2020 press release. Yesterday morning, without advance notice to Pentwater, Turquoise Hill unilaterally postponed the upcoming annual general and special meeting of shareholders at which Pentwater is proposing resolutions that would significantly enhance minority shareholder rights.
MONTREAL, April 16, 2020 /CNW/ - Turquoise Hill Resources Ltd. ("Turquoise Hill" or the "Company") today announced first quarter 2020 production for Oyu Tolgoi and provided an update on underground development, COVID-19 and power. Q1 production was another strong performance given the mining position within the open pit sequence with results exceeding expectations despite quarterly copper and gold production being lower than the same quarter of the previous year.
Pentwater Capital Management LP ("Pentwater"), a long-term supportive investor and the largest minority shareholder of Turquoise Hill Resources Ltd. ("Turquoise Hill" or the "Company") (TRQ.TO) (TRQ.TO), owning, together with its affiliates and associates, approximately 9.09% of the Company's issued and outstanding common shares, today responded to Turquoise Hill’s April 6, 2020 press release. Pentwater believes that Turquoise Hill’s release not only fails adequately to address the important concerns voiced in Pentwater’s recently filed proxy circular, but is both misleading and inaccurate in its attempt to deflect accountability for the self-inflicted wounds that have been an overhang on the Company's otherwise world-class asset base away from the Company’s management team and board of directors (the "Board").
Turquoise Hill's Board values engagement with its shareholders and believes an open dialogue with its shareholders is essential to its long-term success. Upon receiving the proposals from Pentwater, management and independent Board members held direct discussions with Pentwater about their proposals to better understand and address their concerns. The Board, led by the independent directors and supported by external advisors, thoroughly reviewed both proposals and recommended that shareholders vote against the first proposal and withhold their vote on the second proposal for the reasons outlined in the Company's Management Proxy Circular, filed with securities regulators on March 20, 2020.
Turquoise Hill shareholders have suffered massive value destruction at the hands of Rio Tinto, which operates the Oyu Tolgoi Project (allegedly under the watchful eye of Oyu Tolgoi's majority owner, Turquoise Hill) while also being the majority shareholder of Turquoise Hill. Turquoise Hill’s board and management have failed to effectively oversee Rio Tinto, and intervene in the abuse of control and refusal to make complete and truthful disclosure by Rio Tinto of the Oyu Tolgoi Project.
NEW YORK, NY / ACCESSWIRE / March 23, 2020 / Turquoise Hill Resources Ltd. (NYSE:TRQ) will be discussing their earnings results in their 2019 Fourth Quarter Earnings call to be held on March 23, 2020 at ...
MONTREAL , March 21, 2020 /CNW/ - Turquoise Hill Resources today announced its financial results for the year ended December 31, 2019 . All figures are in U.S. dollars unless otherwise stated. "For ...
MONTREAL, March 16, 2020 /CNW/ - Since January, the movement of goods and people within Mongolia has been restricted within and across its borders to prevent the spreading of the novel coronavirus (COVID-19). Following the first positive test for COVID-19 in Mongolia on March 10 2020, the Government of Mongolia increased its restrictions on flights in and out of the country and on the movement of goods and people within and across its borders. Oyu Tolgoi LLC is complying with all of these directives and is working closely with the Mongolian authorities to prioritize the health and safety of all its employees and the wider community.
Turquoise Hill to announce fourth quarter and full year 2019 financial results on March 20, 2020
(Bloomberg Opinion) -- A combination of hefty dividends and contracting output is turning the world’s second-largest miner into the poster child for a $1.5 trillion industry’s growth quandary.Rio Tinto Group announced a record $3.7 billion final dividend Wednesday, adding to $11.9 billion of cash returns already paid in 2019. Yet it produced less iron ore, copper and aluminum, leaving market prices to lift underlying earnings by 18%. Rio’s Pilbara operations stumbled early in the year. Its Mongolian copper mine, a key source of future production and the basis of a greener portfolio, is now not only sorely overdue and over-budget, but also tangled in international tax arbitration. The $86 billion mining giant isn’t alone. High dividend yields and pedestrian output have begun to define resources heavyweights that used to be known for the exact opposite. Diversified groups relied on their varied sources of cash to expand, but large-scale opportunities are scarcer than ever, and portfolios look far less diverse too, once coal and other less appealing assets have been carved off. At Rio, iron ore now accounts for three-quarters of its underlying Ebitda.For investors, it hasn’t been all bad news. Since Chief Executive Officer Jean-Sebastien Jacques took the helm in 2016, Rio’s total return including reinvested dividends adds up to an impressive 112%, outpacing most rivals.Yet much of that is due to generous payouts. For a company that digs stuff up for a living, this may not be sustainable — especially for one that aims to build a portfolio better aligned with a carbon-light global economy. It may also be an indication of just how hard it is to change. Rio paid shareholders in 2019 more than double its capital expenditure budget for the same year.One priority has been copper. Under Jacques, head of that unit until he became CEO, Rio has said it wants to add more of the red metal as its existing mines age, and will look at other green ingredients, those for rechargeable batteries and the like. Yet a unit set up to consider just such deals hasn’t sealed a single one despite considering more than 200 opportunities, and the company has suffered blow after blow in Mongolia. Its Oyu Tolgoi mine in the South Gobi accounts for only a fraction of Rio’s value today, but could dictate the company’s fortunes. So far, it’s mostly an unhelpful headache. The mine, which Rio holds through Canada-listed Turquoise Hill Resources Ltd., is one of the largest copper deposits around, and could produce an annual 550,000 metric tons of copper, almost as much as Rio produced last year, plus 450,000 ounces of gold. In the parlance of big miners, it moves the needle.Unfortunately, it also encapsulates everything that makes such projects so challenging: tough geography, messy local politics and complex geology. The cost of the largest, underground, portion has swelled to as much as $7.2 billion, and could rise again when a final estimate is published later in 2020. First production may now be be 30 months later than predicted. Fears of a cash call have dragged down Turquoise Hill shares.In the latest development, Rio announced last week it would begin arbitration proceedings to solve a tax dispute. Few arbitration deals yield significant victories — ask Barrick Gold Corp. and Antofagasta Plc, which won a $5.8 billion ruling against Pakistan last year — and they tend to irk host governments, so it’s a worrying sign. The risk is that Oyu Tolgoi becomes Rio Tinto’s own version of Freeport-McMoRan Inc.’s Indonesian pride and joy, Grasberg – wonderful in theory, nearly impossible in practice.Rio won’t drop Mongolia, and not just because of Jacques’ own attachment to the project. A copper option, however long-dated, is valuable, even if the company doesn’t yet jump in to buy out Turquoise Hill minority shareholders.But what then? Rio has manageable debt and ample cash — $9.2 billion in free cash flow in 2019, the highest level in almost a decade — and deals look cheaper as shares in copper-heavy Freeport and First Quantum Minerals Ltd. have roughly halved since 2018. Perhaps, though, not cheap enough to warrant wrestling with Freeport’s U.S. liabilities or First Quantum’s Zambian operations.Rio isn’t shrinking quite yet. It has exploration projects, and iron-ore production already did better in the second half, albeit still short of the company’s ultimate target. Yet with Oyu Tolgoi mired in arbitration and geological complexities, and the economy swiftly shifting, it might be time for Rio to consider just how creative it can get.To contact the author of this story: Clara Ferreira Marques at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Clara Ferreira Marques is a Bloomberg Opinion columnist covering commodities and environmental, social and governance issues. Previously, she was an associate editor for Reuters Breakingviews, and editor and correspondent for Reuters in Singapore, India, the U.K., Italy and Russia.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
MONTREAL , Feb. 17, 2020 /CNW/ - Turquoise Hill Resources today announced the submission of the Feasibility Study for the Tavan Tolgoi Power Plant (TTPP) Project to the Government of Mongolia by Oyu Tolgoi LLC. Oyu Tolgoi LLC is obliged under the 2009 Oyu Tolgoi Investment Agreement (Investment Agreement) to secure a long-term domestic source of power for the Oyu Tolgoi mine.
MONTREAL, Feb. 14, 2020 /CNW/ - Turquoise Hill Resources Ltd. (the "Company") announced today that it will be seeking shareholder approval to implement a consolidation of its outstanding common shares. Reasons for and details of the share consolidation will be included in the Company's Management Proxy Circular, which will be mailed to the Company's shareholders in advance of the Company's 2020 Annual Meeting of Shareholders. The Company also announced today that it intends to voluntarily delist its common shares from the Nasdaq Stock Market LLC (the "Nasdaq").
MONTREAL , Jan. 21, 2020 /CNW/ - Turquoise Hill Resources today announced the appointment of George Burns to the Company's Board of Directors as an independent director. Mr. Burns, President and Chief ...