Rio Tinto signs deal with Mongolia over Oyu Tolgoi
Miner Rio Tinto said on Tuesday that it has agreed a multi-billion dollar expansion of a copper and gold mine with the Government of Mongolia, ending a dispute that has been ongoing since 2013, as Ulan Bator looks to restore its foreign investor appeal.
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As part of the agreement, work will resume on a delayed underground expansion at Oyu Tolgoi.
The Government of Mongolia, Turquoise Hill Resources and Rinto Tinto have all signed an agreement that addresses the key outstanding shareholder issues and sets out an agreed basis for the funding of the project.
“With a new pathway to development of the underground mine agreed, the focus now shifts to finalising the project finance, the feasibility study and securing all necessary permits so that the underground mine development can proceed,” said Rio Tinto.