TD Securities | Investment Banking Pitch Book

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list/bullet: Other data points considered include: 2020 feasibility study uses an 8% discount rate; Research analysts covering Turquoise Hill use 8%-12% discount rate (median of 10%);

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authority-citation 90%

Citing research analysts and industry surveys to justify discount rate selection.

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The slide justifies the selection of a 10% discount rate by citing industry standards, project-specific risks (geopolitical, technical), and analyst consensus.