TRQ to hand over USD 155 million to Mongolian tax authority - MOICA

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TRQ to hand over USD 155 million to Mongolian tax authority

According to Turquoise Hill Resources LLC (TRQ), Rio Tinto’s subsidiary listed on TSX, Oyu Tolgoi LLC has received, and is evaluating a Tax Act for approximately USD 155 million from the Mongolian Tax Authority relating to an audit on taxes imposed and paid by Oyu Tolgoi LLC between 2013 and 2015.

The company claimed that Oyu Tolgoi LLC has paid all taxes and charges required under the Investment Agreement (and reconfirmed in the Underground Mine Development and Financial Plan) and Mongolian law. The tax assessment is being evaluated by Oyu Tolgoi LLC and a response will be issued within the timeframe required by Mongolian Law. The tax act has arose following Deputy Minister of Mining and Heavy Industry Zagdjav Deleg’s statement “Oyu Tolgoi has not fulfilled some of its objectives”. During a press conference, the Deputy Minister of Mining has claimed several distortions of Oyu Tolgoi. Additionally, TRQ released the fourth quarter 2017 production.

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