Entrée Resources Ltd. has filed its annual operational and financial results for the year ended December 31, 2019, on May 16. In accordance with the annual report, the operating loss and operating cash outflow before working capital in the first quarter was USD 0.4 million and were consistent with the comparative quarter of 2019. As of March 31, 2020, the company’s balance of payment stood at USD4.8 million. Entree Resources owns a portion of the Oyu Tolgoi (OT) license through a joint venture with Entree/Oyu Tolgoi. The company’s primary objective for the 2020 year continues to be to work with other OT stakeholders to advance potential amendments to the joint venture agreement (JVA) that currently governs the relationship between Entrée and OT and upon finalization, transfer the Shivee Tolgoi and Javhlant mining licenses to OT as manager of the Entrée/Oyu Tolgoi joint venture. The form of Entrée/Oyu Tolgoi JVA was agreed between the parties in 2004, prior to the execution of the Oyu Tolgoi Investment Agreement and commencement of underground development. The Company currently is registered in Mongolia as the 100 percent ultimate holder of the Shivee Tolgoi and Javhlant mining licenses. The development of the underground mine is slowing down due to the COVID-19 pandemic, the company emphasized in the report.

Published Date:2020-05-19