Turquoise Hill selling off after Mongolia officially says it wants more of Oyu

Tolgoi Turquoise Hill Resources (NYSE:TRQ TSE:TRQ) fell 6% in afternoon trade on Monday after the company said it received a letter from Mongolia's mines minister asking to renegotiate a deal signed in October 2009 that gave the country 34% ownership of the massive Oyu Tolgoi mine. Kay Priestly, CEO of Turquoise Hill (formerly Ivanhoe Mines) Vibratory feeder for sale which is majority owned by Rio Tinto rejected the request saying the Vancouver-based company has invested nearly $6 billion in the project in the south of the country, created thousands of jobs and is "on the verge of production based on the Investment Agreement, which provides a stable legal framework and is a legally-binding document." This agreement – which was "re-affirmed" by the Mongolian government a year ago when politicians also floated the idea of taking majority control of the project – "has been fundamental in building Mongolia’s reputation as an increasingly reliable and secure destination for foreign investment,” said Priestly. Following elections a month ago a group of influential Sand washing machine Sale Mongolian parliamentary backbenchers in a petition also called for the enforcement of a parliamentary resolution that gives the Mongolian government majority ownership of Oyu Tolgoi. Turquoise Hill's stock losses over the past month now stands at 15% as political concerns and worries about a electricity deal between Mongolia and China for Oyu Tolgoi – one of the richest copper and gold mines in the world – continue to mount. Turquoise Hill – a favourite of resource investors – is now valued at $8 billion and has been been on a wild ride since hitting an all time high above $28 in January last year affording it a peak market Vibrating screen for sale cap of $20 billion. Rio is in the process of putting together a finance package of an additional $3.5 billion – $4 billion on top of the $6 billion already spent to take Oyu Tolgoi to full production status, butVertical shaft impact crusher a research report leaked earlier this year indicated final overall costs could come in at as much as $13 billion. The mine is set to produce more than 1.2 billion pounds of copper, 650,000 ounces of gold and 3 million ounces of silver each year.