Turquoise announced in a press release on February 26, 2019 that, while “the [Oyu Tolgoi] project cost was expected to remain within the $5.3 billion budget,” a review had determined that “there was an increasingly likely risk of a further delay to sustainable first production beyond Q3‘21.” Turquoise Hill attributed the “likely risk” to productivity setbacks in completing Shaft 2 and “challenging ground conditions that have had a direct impact on the project’s critical path.”

Turquoise’s share price fell $0.27, or approximately 13%, on this news, to close at $1.83 per share on February 27, 2019, which injured investors.

Then, Turquoise Hill announced on July 15, 2019 that sustainable first production from the underground development of Oyu Tolgoi would henceforth be delayed by another 9 to 21 months until May 2022 to June 2023. Turquoise also stated that “the development capital spend for the project may increase by $1.2 to $1.9 billion over the $5.3 billion previously disclosed.”

Turquoise’s share price fell $0.47, or 44%, on this news, to close at $0.60 per share on July 16, 2019, which injured investors further.

Then, after the market closed on July 31, 2019, Turquoise disclosed that it had taken a $600 million impairment charge and a significant “deferred income tax recognition adjustment”, which was tied to the Oyu Tolgoi project, and that it had suffered a loss in the second quarter of 2019.

Turquoise’s share price fell $0.05, or over 8%, on this news, to close at $0.53 per share on August 1, 2019, which injured investors further.

It is alleged in the complaint that throughout the Class Period, Turquoise made statements that were materially misleading and/or false, as well as failed to disclose material adverse facts about the Turquoise’s operations, business, and prospects. Specifically, Turquoise failed to disclose to investors: (1) that the progress of underground development of Oyu Tolgoi was not proceeding as planned; (2) that there were significant undisclosed underground stability problems that called into question the projected cost and timing of production and the design of the mine; (3) Turquoise  publicly released estimates of the date of completion, cost, and dates for production from the underground mine were not realizable; (4) the development capital that was required for the Oyu Tolgoi underground development would cost significantly more than a billion dollars in excess of what Turquoise had represented; (5) Further financing and/or equity would be required for Turquoise to complete the project; and (6), Turquoise’s positive statements about their business, operations, and prospects were materially misleading and/or lacked a reasonable basis, as a result of the foregoing.

Turquoise Hill Resources, Ltd.

Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.

Are you a current or former employee of the company?*YesNo


+Additional Purchases


+Additional Sales

If you prefer, you may submit your transaction information or comments/questions in the box below:

There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.

We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.

If you choose to take no action, you can remain an absent class member.

Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.

The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

Portnoy Law Firm
Lesley F. Portnoy, Esq.,
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067