World Mining News

VANCOUVER – Vancouver-based Turquoise Hill Resources Ltd. was accused Wednesday by a Dutch non-profit of avoiding hundreds of millions of dollars in Canadian taxes through the use of tax havens. The report by the Centre for Research on Multinational Corporations, known as SOMO, alleges Turquoise Hill parent company Rio Tinto used so-called mailbox companies in the Netherlands and Luxembourg to …

Turquoise Hill Resources routed its investment in one of the world’s largest copper deposits through Luxembourg, avoiding $559 million (U.S.) in Canadian corporate tax between 2010 and 2016, according to a new report. A Canadian mining company operating in one of the world’s biggest copper deposits has avoided more than half a billion dollars in Canadian tax over the last …

Rio Tinto says it used a Dutch subsidiary to own and fund development of Mongolia’s Oyu Tolgoi mine because of the protections afforded by an investment treaty between the Dutch and Mongolian governments, not because it wanted to avoid hundreds of millions of dollars in tax. The defence of the Oyu Tolgoi ownership and financing structure came after a Dutch …

Following on from the recent news that Rio Tinto was to open a new office in the Mongolian capital of Ulaanbaatar, Prime Minister of Mongolia Ukhnaagiin Khurelsukh has met with the miner’s chief executive Jean-Sébastien Jacques to further discuss their business relationship. The two discussed the possibility of setting up a joint working group in order to explore options for accelerating community …

LONDON (Alliance News) – Canadian-listed Turquoise Hill, 51% owned by miner Rio Tinto PLC, on Wednesday said it had declared a force majeure at the Oyu Tolgoi mine in Mongolia in relation to a protest by Chinese coal transporters. Turquoise Hill said the protesters last week used a “large number” of vehicles to obstruct the main access road within China …

Mining giant Rio Tinto has halted shipments of copper concentrate from its giant Oyu Tolgoi copper mine following a week-long dispute at the border crossing to China and a new tax bill from the Mongolian government. A dispute between Chinese trucking companies and Mongolian officials over health insurance for drivers has halted coal and copper transport at the remote Gants …

MONGOLIAN MINING CORPORATION ORD CAYMAN (OTCMKTS:MOGLQ) had a decrease of 97.53% in short interest. MOGLQ’s SI was 2,500 shares in January as released by FINRA. Its down 97.53% from 101,400 shares previously. It closed at $0.0326 lastly. It is down 0.00% since January 12, 2017 and is . It has underperformed by 16.70% the S&P500. Hillcrest Asset Management Llc decreased Winnebago …

US coal miner Peabody Energy (NYSE:BTU), the world’s largest privately owned producer of the fossil fuel, made a fresh debut on the New York Stock Exchange on Tuesday after emerging from an almost to the date year-long bankruptcy protection. Shares in the St. Louis-based company began trading at $31.50, but were already down 5.65% to $29.25 at 11:43AM ET, still …

To give a true picture of the size and potential of the globe’s largest deposits of gold, MINING.com and sister company IntelligenceMine ranked the orebodies according to total resources – measured, indicated and inferred. Many companies include proven and probable reserves that can be economically extracted in resource estimates and the ranking was adjusted where this wasn’t the case. Overall resources …

Feb 10 Mongolia’s parliament moved towards meeting the conditions of an International Monetary Fund (IMF) bailout of $3-5 billion on Friday, as lawmakers voted to grant greater independence to the Development Bank of Mongolia. The country is scrambling to avoid missing a $580 million sovereign-guaranteed debt repayment, issued by the Development Bank, due in March. The economy has been badly …