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Xanadu Mines cashed up and working to unlock the value at Kharmagtai Share

Xanadu Mines Ltd’s (ASX:XAM) accelerated exploration has extended the footprint of the Kharmagtai Copper-Gold Project in southern Mongolia. Drilling at Stockwork Hill deposit has confirmed high-grade extensions below the resource. At Target 19, west of the White Hill deposit, scout drilling has confirmed a new shallow porphyry copper discovery. READ: Xanadu Mines steps-up drilling to boost copper-gold bounty in Mongolia …

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Southern Copper to splash $2.5 billion on Peru project

Southern Copper Corp was declared the winner on Tuesday of the Peruvian government’s first auction of the  Michiquillay copper project, the first tender in nearly a decade. According to a statement by Southern Copper, controlled by conglomerate Grupo Mexico won the tender with a proposal to transfer $400 million to the government and pay 3% royalties. Southern Copper affirmed Peruvian investment agency Proinversión’s mineral …

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MONGOLIAN MINING CORPORATION ORD CAYMAN (OTCMKTS:MOGLQ) Has Decline in Shorts

The stock of MONGOLIAN MINING CORPORATION ORD CAYMAN (OTCMKTS:MOGLQ) registered a decrease of 97.53% in short interest. MOGLQ’s total short interest was 2,500 shares in February as published by FINRA. Its down 97.53% from 101,400 shares, reported previously. It closed at $0.03052 lastly. It is down 0.00% since February 16, 2017 and is . It has underperformed by 16.70% the …

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Mongolia forces Rio Tinto to build power station

Rio Tinto could face higher costs on its $US5.3 billion expansion of Mongolia’s Oyu Tolgoi mine, after the developing Asian nation ordered the miner to source power for the mine domestically within four years. The move reinstates an original aspect of the 2009 investment agreement for the mine, and is the latest example of what appears to be growing sovereign risk in …

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Rio Tinto Accused of $700 Million Tax Dodge on Mongolian Mine

Rio Tinto Group has been accused by a Dutch non-profit group of avoiding about $700 million in taxes related to its Oyu Tolgoi copper mine in Mongolia. The company denied the allegations. Rio and its Canadian subsidiary Turquoise Hill Resources Ltd. used so-called mailbox companies in Luxembourg and the Netherlands to fund the development of the mine in Mongolia, the …

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Report says Vancouver mining company avoids hundreds of millions in taxes

VANCOUVER – Vancouver-based Turquoise Hill Resources Ltd. was accused Wednesday by a Dutch non-profit of avoiding hundreds of millions of dollars in Canadian taxes through the use of tax havens. The report by the Centre for Research on Multinational Corporations, known as SOMO, alleges Turquoise Hill parent company Rio Tinto used so-called mailbox companies in the Netherlands and Luxembourg to …

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The Canadian company behind this Mongolian mine has avoided half a billion dollars in taxes: report

Turquoise Hill Resources routed its investment in one of the world’s largest copper deposits through Luxembourg, avoiding $559 million (U.S.) in Canadian corporate tax between 2010 and 2016, according to a new report. A Canadian mining company operating in one of the world’s biggest copper deposits has avoided more than half a billion dollars in Canadian tax over the last …

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Rio Tinto says investor protections drove Mongolian mine funding arrangements

Rio Tinto says it used a Dutch subsidiary to own and fund development of Mongolia’s Oyu Tolgoi mine because of the protections afforded by an investment treaty between the Dutch and Mongolian governments, not because it wanted to avoid hundreds of millions of dollars in tax. The defence of the Oyu Tolgoi ownership and financing structure came after a Dutch …

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Mongolian president meets Rio Tinto chief to explore Oyu Tolgoi project

Following on from the recent news that Rio Tinto was to open a new office in the Mongolian capital of Ulaanbaatar, Prime Minister of Mongolia Ukhnaagiin Khurelsukh has met with the miner’s chief executive Jean-Sébastien Jacques to further discuss their business relationship. The two discussed the possibility of setting up a joint working group in order to explore options for accelerating community …

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Rio Tinto’s Turquoise Hill Declares Force Majeure At Mongolian Mine

LONDON (Alliance News) – Canadian-listed Turquoise Hill, 51% owned by miner Rio Tinto PLC, on Wednesday said it had declared a force majeure at the Oyu Tolgoi mine in Mongolia in relation to a protest by Chinese coal transporters. Turquoise Hill said the protesters last week used a “large number” of vehicles to obstruct the main access road within China …

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