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Financing for the project has come in part from the Rio Tinto Group and an investment agreement between Ivanhoe Mines and the government of Mongolia. Rio Tinto reached an agreement with the government in January 2022 to move the joint Oyu Tolgoi copper and gold project forward and resolve outstanding issues, which is key for Mongolia to ...
Then look no further than Rio Tinto's struggles with the Oyu Tolgoi mine and expansion project in Mongolia. Rio Tinto, through its Turquoise Hill Resources subsidiary, owns 66% of the Oyu Tolgoi ...
ULAANBAATAR/LONDON, July 19 (Reuters) - Mongolia will vote in August to rip up parts of an investment agreement with Rio Tinto for the Oyu Tolgoi copper mine, which may force the miner to make ...
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. Until 2010 ...
"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 ...
The Anglo-Australian company is developing Mongolia's Oyu Tolgoi, one of the world's largest known copper and gold deposits. ... -Rio Tinto Ltd is working to maintain steady supplies of fuel and ...
The deposit is in the Gobi Desert in an area known as Oyu Tolgoi (Mongolian for Turquoise Hill), [12] where in the time of Genghis Khan outcropping rocks were smelted for copper. [13] By 2003 there were 18 exploration drill rigs on the property employing approximately 200 people, and Oyu Tolgoi was the "biggest mining exploration project in the ...