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Oyu Tolgoi enters into an agreement on a preferred long-term power supply
June 28 2020 - 06:30PM
PR Newswire (Canada)
MONTREAL, June 28, 2020 /CNW/ - Turquoise Hill Resources today announced the Government of Mongolia and Oyu Tolgoi LLC have reached an agreement to prioritise a State Owned Power Plant (SOPP) in order to support the Government's decision, taken by Cabinet in April, 2020, as the domestic power solution for the Oyu Tolgoi mine in Mongolia. The agreement envisages that the Government of Mongolia would fund and construct a SOPP at Tavan Tolgoi.
The existing Power Source Framework Agreement (PSFA) between Oyu Tolgoi and the Government of Mongolia has been amended to reflect joint prioritisation and progression of SOPP in accordance with agreed milestones. Upon its delivery, SOPP would provide long-term and reliable power supply for Oyu Tolgoi's open pit operations and underground project development.
The Parties will now work towards achieving the milestones agreed in the amendment, which include signing a Power Purchase Agreement by 31 March, 2021, commencement of construction by no later than 1 July 2021 and commissioning of SOPP within four years thereafter, and, negotiating an extension to the existing power import agreement by 1 March, 2021, to ensure that there is no disruption to the power supply required to safeguard Oyu Tolgoi's ongoing operations and development.
"We welcome the Government of Mongolia's proposal to progress Oyu Tolgoi's long-term domestic power requirements and to prioritise SOPP," stated Ulf Quellmann, Chief Executive Officer of Turquoise Hill. "The amendments to the PSFA provide Oyu Tolgoi and the Government the additional framework and time required to solidify a power solution and finalise the commercial arrangements in the best interests of all stakeholders. This agreement is a testament to the continued collaboration and commitment of the Government, Turquoise Hill and Rio Tinto to the long-term success of Oyu Tolgoi."
The agreed PSFA amendment can be found at www.turquoisehill.com.
TGB chart is still looking good. Getting in under .50 is a bargain. I am sure we will see .60 again. The only question is when. IMO it will be sooner than later. Hope you have a great day tomorrow.
Today I added EXK @ $1.815 to my portfolio because I liked its chart. Time will tell if I am correct.
GMO has not seen .50 for almost three years. Let us get there before thinking of 1.50.
I have 180 stocks on my watch list and will post some with comments as I get time.
TRQ is acting the way I like it, nice and slow. The high of $1.30 was near the end of June of last year. Maybe in a few more months we will be back at that level and above. Hope you have a great evening.
GSV recovered quickly and so I took a position with this one just under $.68. Using the daily chart, I see a small head and shoulder bottom timed the COVID-19 market break and when recovered from this broke the downtrend. Just my impressions. Hope all have a great evening.
ENG closed up $.12 at $1.22 since I did my last post on 5 June 2020. I like the slow movement upward since I would like a long position (1 yr plus) when I sell instead of a short one (less than one year). Of course, if she moves quickly upward with a great profit, I will sell and may my taxes. Hope all have a great evening.
ENG closed today at $1.22, up $.17 since I posted the message on 5 June 2020. Whether this is a breakout on a move higher is something time can only tell. Hope all have a great evening.
THM jumped today and I forgot to move my sell price and I was sold out with a little over 200% profit. Ted said that when a price pops like this one did, do not consider the rule of 200 to 400%. I must say that the volume has been steady the past several days, though above the 50 day average. Reaching for that extra dollar is what he says gets one in trouble. Have a great day.
ENG, after a major drop in 2017, has not so smoothly drifted along moving up and down without any major spikes. As Ted would say, it is acting as though it could not go up. I bought just before the COVID-19 market break and it dropped like so many others, but has now recovered to where it was before. At this moment I have a small profit.
The chart of VIDE does look good. Thanks for sharing.
At the present I am looking at AXR, CNR, ALO, GSV, and NTIP. I will checking more stocks over the weekend.
I am out with 150% profit. Hope the best to everyone.
Volume so far is over 10 times the average over the 50 day average and about 20 times over the 200 day average.
Something is causing THM to jump, and maybe it was something they heard. Hope you have a great day.