The mining giant sees the Oyu Tolgoi site as a key copper driver in its portfolio of assets. In fact, an estimate by the
Turquoise Hill said the filing was made after it received the audit report on Monday, which claimed unpaid taxes, penalties and disallowed entitlements associated with the initial development of the Oyu Tolgoi site.
"We strongly disagree with the claims in the audit report," Turquoise Hill Chief Executive
On Thursday, Turquoise Hill said the notice of dispute filing it has made is the first step in the process of resolving the dispute and includes a 60-day negotiation period, after which it may refer the situation to an international arbitration if unresolved.
As a result of the process, it said further investment in the site has to be delayed including the development of an underground feasibility study.
A spokesman for Rio Tinto said that the company is "supportive of the move."
Oyu Tolgoi has been hit by a range of delays and negotiations among Rio Tinto, Turquoise Hill and the government.
Rio Tinto shares were up 1.3% to
Most Popular Stories
- Prosecutor to Investigate Walmart Police Shooting
- Mark Sanchez Suddenly a Hot QB Commodity
- GM to Announce New Jobs in Tennessee
- Smith & Wesson Misses Target
- Emirates Hit Libyan Targets With Airstrikes
- Michael Brown Funeral: Can Americans Change the Script of Violence?
- Marco Rubio Warns Obama on Deportations
- American Killed With ISIS Fighters in Syria
- Surf's Up! SoCal Prepares for Big Storm Surf
- Ford Hires 300 at Louisville Lincoln Plant