1st Sep 2020 09:10
(Alliance News) - Rio Tinto PLC said Tuesday it continues to target first sustainable production from the Oyu Tolgoi project in Mongolia between late 2022 and the summer of 2023.
Rio reaffirmed the production dates following Turquoise Hill Resources' technical report for the project. Rio also noted the estimates in the report are subject to potential changes once Rio completes the definitive estimate, which is still expected later in 2020
"Rio Tinto continues to target first sustainable production from the OT underground project between October 2022 and June 2023 and development capital of USD6.6 billion to USD7.1 billion, based on the updated mine design of Panel 01," the mining giant added.
Rio also noted these estimates remain subject to any scheduling delays or increases in capital costs arising from the impacts of the Covid-19 pandemic.
Shares in Rio Tinto were up 0.5% in London on Tuesday morning at 4,656.50 pence each.
By Paul McGowan; [email protected]
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