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Entree Resources 2023 Loss Widens on Legal Costs
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Entree Resources 2023 Loss Widens on Legal Costs
Mar 11, 2024 5:23 AM

08:13 AM EDT, 03/11/2024 (MT Newswires) -- Entree Resources ( ERLFF ) late Friday said its annual loss widened on higher fees and legal costs.

The company, which holds a stake in the Oyu Tolgoi mine in Mongolia, said it lost US$4.5 million in 2023, compared with a loss of US$3.6 million for the prior year.

The company said the loss came on higher legal costs for negotiations and arbitration proceeding with Rio TInto (RAX) and Oyu Tolgoi LLC (OTLLC).

Entree said it ended the year with US$6.1 million of cash on hand.

The company is in arbitration with Rio Tinto and OTLLC, which "followed protracted discussions with Rio Tinto and OTLLC to confirm the transfer of the Shivee Tolgoi and Javhlant mining licences to OTLLC". Hearings are set to begin next month in Vancouver.

Entree shares closed unchanged at C$1.30 Friday on the Toronto Stock Exchange,

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