Project Finance

Oyu Tolgoi Project Finance

On April 9, 2021, Turquoise Hill Resources and Rio Tinto announced that they have entered into a binding Heads of Agreement (HoA) to provide an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi LLC (OT) underground project in Mongolia. The Funding Plan is designed to address the estimated remaining funding requirement of approximately US$2.3 billion1 and replaces the non-binding Memorandum of Understanding that Rio Tinto and Turquoise Hill previously entered into on September 9, 2020.

News Release

Turquoise Hill Resources and Rio Tinto Reach Binding Agreement on Funding Plan for Oyu Tolgoi

Link to Heads of Agreement

Heads of Agreement Between Turquoise Hill Resources Ltd. and Rio Tinto International Holdings Ltd.


On September 9, 2020, Turquoise Hill and Rio Tinto signed a non-binding Memorandum of Understanding (MOU) concerning the funding of Oyu Tolgoi that reflects the parties’ understanding to pursue a re-profiling of existing project debt in line with current cash flow projections, including by deferring scheduled principal repayments and extending tenors (Re-profiling).

News Release

Turquoise Hill announces an update on funding discussions with Rio Tinto

Turquoise Hill - Rio Tinto Oyu Tolgoi memorandum of understanding September 9, 2020


On December 14, 2015, Turquoise Hill announced the signing of a $4.4 billion project finance facility, one of the largest in the mining industry, for underground development at Oyu Tolgoi.

News Release

Oyu Tolgoi signs $4.4 billion project finance marking historic milestone toward recommencement of underground development


Turquoise Hill-Rio Tinto-Oyu Tolgoi LLC Financing Support Agreement

Cash Management Services Agreement

Turquoise Hill-Rio Tinto Financing Support Agreement

Overview of geology in the Oyu Tolgoi region
Technical mine planning and development
Agreements with the Government of Mongolia
Oyu Tolgoi’s $4.4B Project Finance
The discovery and development of Oyu Tolgoi
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