Rio Tinto price target lowered to 7,100 GBp from 7,130 GBp at JPMorgan » 14:1001/1401/14/21
JPMorgan analyst Dominic…
JPMorgan analyst Dominic O'Kane lowered the firm's price target on Rio Tinto to 7,100 GBp from 7,130 GBp and keeps an Overweight rating on the shares.
Rio Tinto downgraded to Hold from Buy at DZ Bank » 05:1601/1401/14/21
DZ Bank analyst Robert…
DZ Bank analyst Robert Czerwensky downgraded Rio Tinto to Hold from Buy with a 6,200 GBp price target.
Rio Tinto reaches agreement with Meridian Energy to extend NZAS operations » 14:0101/1301/13/21
Rio Tinto has reached an…
Rio Tinto has reached an agreement on a new electricity agreement with Meridian Energy that allows New Zealand's Aluminium Smelter, or NZAS, to continue operating the Tiwai Point aluminium smelter until December 31, 2024. The extension provides certainty to employees, the local community and customers while providing more time for all stakeholders to plan for the future, Rio Tinto said in a statement. Rio Tinto Aluminium chief executive Alf Barrios said "We are pleased to have reached an agreement with Meridian Energy that will enable the Tiwai Point smelter to continue producing some of the lowest carbon aluminium in the world. This agreement improves Tiwai Point's competitive position and secures the extension of operation to December 2024. It also provides Rio Tinto, the New Zealand government, Meridian, and the Southland community more time to plan for the future and importantly gives our hard-working team at Tiwai and our customers the certainty they deserve."
Rio Tinto downgraded to Hold after rally at Deutsche Bank » 06:3401/1301/13/21
Deutsche Bank analyst…
Deutsche Bank analyst Liam Fitzpatrick downgraded Rio Tinto to Hold from Buy with a price target of 6,000 GBp, up from 5,100 GBp. The stock's risk/reward is "no longer compelling" following the re-rating in recent months, Fitzpatrick tells investors in a research note. While the iron ore market remains fundamentally tight with supply challenges that could persist beyond 2021, a normalization pathway through the second half of 2021 and 2022 on slowing demand and latent capacity growth is likely, adds the analyst.
Rio Tinto downgraded to Hold from Buy at Deutsche Bank » 04:4401/1301/13/21
Deutsche Bank analyst…
Deutsche Bank analyst Liam Fitzpatrick downgraded Rio Tinto to Hold from Buy with a 6,000 GBp price target.
|Over a week ago|
Turquoise Hill falls -21.5% » 12:0001/1101/11/21
Turquoise Hill is down…
Turquoise Hill is down -21.5%, or -$3.12 to $11.36.
Turquoise Hill price target raised to C$27 from C$22.50 at Scotiabank » 11:4701/1101/11/21
Scotiabank analyst Orest…
Scotiabank analyst Orest Wowkodaw raised the firm's price target on Turquoise Hill to C$27 from C$22.50 and keeps an Outperform rating on the shares.
Turquoise Hill falls -15.2% » 10:0001/1101/11/21
Turquoise Hill is down…
Turquoise Hill is down -15.2%, or -$2.20 to $12.28.
Turquoise Hill says proposed Class Action suit 'without merit' » 07:4901/1101/11/21
A legal proceeding in the…
A legal proceeding in the Superior Court in the District of Montreal has been served initiating a proposed class action against the company and certain of its current and former officers. The claim alleges that the defendants made material misstatements and material omissions with respect to, among other things, the schedule, cost and progress to completion of the development of Oyu Tolgoi in violation of, among other things, sections 225.8, 225.9 and 225.11 of the Quebec Securities Act. The company believes that the complaint against it is without merit.
Turquoise Hill updates tax arbitration, discussions with Mongolia government » 07:4801/1101/11/21
Turquoise Hill announced…
Turquoise Hill announced that Oyu Tolgoi LLC has evaluated the Tax Act claim for approximately $228M from the Mongolian Tax Authority, as announced on December 23, 2020, including the seeking of a reduction of Oyu Tolgoi's carried-forward tax losses by approximately $1.5B. On February 20, 2020, the company announced Oyu Tolgoi had been unable to reach resolution of its previously-announced dispute with the MTA with respect to the 2013-2015 Tax Assessment and would be proceeding with the initiation of a formal international arbitration proceeding in accordance with the dispute resolution provisions within Chapter 14 of the Oyu Tolgoi Investment Agreement entered into with the Government of Mongolia in 2009 and Chapter 8 of the Oyu Tolgoi Underground Mine Development and Financing Plan entered into with the Government of Mongolia in 2015. The dispute resolution provisions call for an UNCITRAL arbitration seated in London before a panel of three arbitrators. Oyu Tolgoi has given notice of its intention to apply to the Tribunal in the Arbitration for leave to amend its Statement of Claim to include the issues raised in the 2016-2018 Tax Assessment. As many of the matters raised in the 2016-2018 Tax Assessment are of a similar nature to the matters raised in the 2013-2015 Tax Assessment, Oyu Tolgoi believes amending its Statement of Claim is an efficient and effective means of reaching resolution on both tax assessments. Turquoise Hill remains of the view that Oyu Tolgoi LLC has paid all taxes and charges required under the IA, the Amended and Restated Shareholder Agreement, the UDP and Mongolian law. In addition, the Government of Mongolia has advised Rio Tinto that it is dissatisfied with the results of the Definitive Estimate, which was completed and delivered by Rio Tinto and publicly announced by the Company on December 18, 2020, and is concerned that the significant increase in the development costs of the Oyu Tolgoi project has eroded the economic benefits it anticipated to receive therefrom. The Government of Mongolia has indicated that if the Oyu Tolgoi project is not economically beneficial to the country, it would be necessary to review and evaluate whether it can proceed. The Government of Mongolia has stressed the importance of achieving a comprehensive solution that addresses both financial issues between the shareholders of Oyu Tolgoi as well as economic and social issues of importance to Mongolia, such as water usage, tax payments, and social issues related to employees, in order to implement the Oyu Tolgoi project successfully. In particular, the Government of Mongolia has expressed its intention to initiate discussions with respect to the termination and replacement of the UDP. While acknowledging Oyu Tolgoi's significant contributions to Mongolia, Turquoise Hill is nevertheless committed to engaging immediately with the Government of Mongolia and Rio Tinto to address the UDP and revisit the sharing of economic benefits arising from the Oyu Tolgoi project in the context of agreeing on a comprehensive financing plan as well as addressing the other issues raised.