29th Jun 2015 09:23
LONDON (Alliance News) - Mining giant Rio Tinto PLC has pledged to spend between USD250 to USD300 million to construct the underground section of the Oyu Tolgoi copper and gold mine in Mongolia, reported Reuters Friday.
The news broke during a speech by Mongolian Prime Minister Chimed Saikhanbileg, who said Rio Tinto would spend the amount in 2015 when the second phase of construction of the mine begins, marking progress for the long-stalled USD5.0 billion mine that is expected to boost Mongolia's economy by a third when it reaches full capacity in 2021, said Reuters.
Saikhanbileg's comments came during a trip to meet US political and business leaders in a bid to revive foreign investment in Mongolia after it fell 74% in 2014, as a dispute with Rio Tinto over taxes and cost overruns deterred investors.
http://www.reuters.com/article/2015/06/27/us-mongolia-mining-idUSKBN0P701F20150627
By Joshua Warner; [email protected]; @JoshAlliance
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