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RIO - Rio Tinto News Story

6477p 69.0  1.1%

Last Trade - 4:36pm

Sector
Basic Materials
Size
Large Cap
Market Cap £103.74bn
Enterprise Value £107.66bn
Revenue £32.09bn
Position in Universe 12th / 1821

BUZZ-Citi says Rio needs Mongolian govt back on its side after Oyu Tolgoi funding plan

Mon 12th April, 2021 5:39am
** Citi says Rio Tinto's  RIO.AX  recent funding plan for
the Oyu Tolgoi copper-gold mine with Turquoise Hill Resources
 TRQ.TO  doesn't resolve tension with the Mongolian government 
    ** On Friday, RIO and TRQ said they would restructure debt
payments of up to $1.4 bln with lenders and look to raise up to
$500 mln in supplemental debt under existing financing
arrangements  urn:newsml:reuters.com:*:nL4N2M21N9
    ** RIO now needs to get the Mongolian govt back on its side;
It is unclear whether the re-profiling of principal repayments
will be sufficient to satisfy the Mongolian govt - Citi
    ** Oyu Tolgoi, one of the world's largest-known copper and
gold deposits, is 34%-owned by the Mongolian government with the
rest held by Turquoise Hill, in which Rio owns a 50.8% stake
    ** Citi says RIO's loan to TRQ won't be seen in its
consolidated accounts, and it clearly has plenty of capacity to
fund its additional equity and investment into TRQ

 (Reporting by Arundhati Dutta in Bengaluru)
 ((Arundhati.Dutta@thomsonreuters.com))
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