Chinese Customs Approves Oyu Tolgoi Copper Exports

Law360, New York (October 21, 2013, 6:19 PM EDT) -- Rio Tinto PLC's Turquoise Hill Resources Ltd. has cemented an agreement with Chinese customs officials to allow customers of Oyu Tolgoi to collect already purchased copper concentrate, allowing the company to begin recording revenue from the Mongolia-based mine, it said Monday.

Canada-based Turquoise Hill, whose majority shareholder is Rio Tinto, announced that a convoy carrying concentrate departed from a Chinese-border warehouse over the weekend.

“The withdrawal of concentrate from the warehouse by customers is expected to ramp up quickly,” Turquoise Hill said in a statement. “Shipments...
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