Turquoise Hill Comments on Review of Oyu Tolgoi Mine Increase in Cost and Schedule Extension.

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Overig advies 10/08/2021 06:19
MONTREAL, August 9, 2021 / Turquoise Hill Resources (the “Company”) today commented on recent media reports in relation to a consulting report addressing the previously announced increase in cost and schedule extension.
As announced on December 1, 2020, the board of directors of Oyu Tolgoi LLC (“OT Board”) established a special board committee (the “OT Special Committee”) comprised of two representatives of Erdenes Oyu Tolgoi (a state-owned entity that owns a 34% interest in Oyu Tolgoi LLC) and two representatives of the Company to investigate the causes of the increase in cost and schedule extension to the underground development of the Oyu Tolgoi project during the period between the 2016 Feasibility Study and the December 2020 Definitive Estimate. A group of consultants called “The Independent Consulting Group” (“ICG”) was hired to conduct the review on behalf of the OT Special Committee.
ICG submitted its report to the OT Special Committee on August 3, 2021 (the “ICG Report”). The ICG Report raises certain questions in relation to the project management process surrounding the increase in cost and schedule extension and suggests that changes in geotechnical parameters did not contribute significantly thereto. The OT Board and the Company are conducting a detailed review of the ICG Report and will seek a number of clarifications and supporting detailed explanations for certain of the broad conclusions it contains. The Company will update the market as appropriate.



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