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In January 2022, Rio Tinto reached an agreement with the government to move the joint Oyu Tolgoi copper and gold project forward and resolve outstanding issues. The agreement is key for Mongolia to significantly increase its copper exports to China in 2023 and attract more investment.
Mongolian Prime Minister Oyun-Erdene Luvsannamsrai speaks during a ceremony marking the production commencement of the underground portion of the Oyu Tolgoi copper-gold mine, jointly owned by Rio ...
LONDON/ULAANBAATAR (Reuters) - Rio Tinto (RIO.L) (RIO.AX) and Mongolia have signed a deal for the supply of power to the miner's giant copper mine extension at Oyu Tolgoi by mid-2023, with both ...
Rio Tinto Plc and the Mongolian government said on Tuesday they have reached an agreement to end a long-running dispute over the $6.925 billion expansion project for the Oyu Tolgoi copper-gold ...
The decision came partly as a result of pressure from Ivanhoe's largest shareholder Rio Tinto to sell non core assets. [24] However, the Mongolian government asked that work be stopped at the company's Ovoot Tolgoi mine. On July 31, 2012 Rio Tinto purchased $935 million worth of Ivanhoe shares putting its total interest in the company at 51%. [30]
In Mongolia, copper mining is a major industry and source of income for the country. There are only two companies that produce copper concentrate, Erdenet Mining Corporation, a Mongolian-Russian joint venture, and the Oyu Tolgoi mine, a joint venture between Rio Tinto Group, Turquoise Hill Resources, and the Government of Mongolia.
"Rio Tinto will engage with the OT (Oyu Tolgoi) Board as soon as we have had the opportunity to review the report in detail," Australia's Rio Tinto said in an emailed statement. Rio owns 51% of ...
Oyu Tolgoi is also expected to produce 330,000 ounces of gold annually. [7] [8] Rio Tinto intends to employ 3,000-4,000 people from Mongolia, [9] so a new airport was needed. Khanbumbat Airport is located 205 kilometers east-south-east of the regional capital of the Dalanzadgad, and 522 kilometers south of the national capital of Ulaanbaatar.