Rio Tinto negotiates updated US$2.3B funding plan with Turquoise Hill Resources for the completion of the Oyu Tolgoi Underground Project in Mongolia

On April 9, 2021, Rio Tinto entered into a binding Heads of Agreement with Turquoise Hill Resources (TRQ) for an updated funding plan for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The estimated funding requirement to complete the OT project, one of the world's largest copper mines, is US$2.3 billion.

The funding plan comprises several funding sources including the re-profiling of principal debt repayments, raising additional senior supplemental debt, a senior co-lending facility from Rio Tinto, and a rights offering or placement of common shares by Turquoise Hill Resources.

Rio Tinto is one of the world's largest metals and mining corporations.

McCarthy Tétrault LLP advised Rio Tinto with a team led by Shea Small that included Eva Bellissimo, René Sorell, Roger Taplin and Claire Gowdy (Business), Paul Steep, Erica Baron, Shane D’Souza, Miranda Lam and Jacqueline Cole (Litigation), Raj Juneja (Tax), and Alexandre Buswell (Labour & Employment).