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01:21 23-09-2018
АКИpress CA-News Tazabek Turmush
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Mongolia's Oyu Tolgoi mine to lift force majeure
Central Asia | business | 11:23, 01 March 2018 | 1715

AKIPRESS.COM - The Oyu Tolgoi copper and gold mine in Mongolia’s southern Gobi Desert will lift force majeure effective March 1 and majority owner Turquoise Hill Resources Ltd said on Wednesday that it expected to make up any sales-related effect over the next few quarters, Reuters reported.

Force majeure was declared Jan. 17 after protests by Chinese coal haulers disrupted deliveries by blockading roads near the Chinese-Mongolian border, leaving Oyu Tolgoi convoys unable to deliver copper concentrates. Force majeure is a legal status companies invoke when they cannot make deliveries of a commodity because of forces outside of their control.

Vancouver-based Turquoise Hill, majority owned by Anglo-Australian miner Rio Tinto , said the blockade was lifted Jan. 18 and the border re-opened Jan. 19, but ongoing congestion had hampered a return to normal border traffic.

A period of consistent convoy crossings and stable concentrate supply chain are required before force majeure can be lifted, said Turquoise Hill, which owns 66 percent of Oyu Tolgoi with the Mongolian government holding the remainder.

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