OT Shock and its impact to Mongolia, August 2013

The share price of Turquoise Hill was down significantly last week due to the press release of the company that underground development will be delayed because Government of Mongolia has notified to the company that project finance for OT will now require approval by the Mongolian Parliament.

As development of the underground will account for about 80 percent of the value of the project, delay of the project finance will impact significantly to the NAV of the company. Therefore, analysts have lowered price target of the company.

In this report, we will explain followings


1.    The press release of OT and the comment by Prime Minister

2.    Negative reports on TRQ and decline of the share price

3.    Near term and long term impact of the delay to Mongolia

4.    Lessons learnt

5.    Conclusion


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