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.