19th May 2015 06:30
LONDON (Alliance News) - Rio Tinto PLC Tuesday said the development of the underground mine at Oyu Tolgoi in Mongolia has taken a significant step forward after the shareholders in the project signed a deal that sets out the development plan.
The mining giant said the Government of Mongolia, Turquoise Hill Resources and Rio Tinto have signed a deal that addresses the key outstanding shareholder issues and sets out an agreed basis for the funding of the project. It will now shift focus to finalising the project finance, the feasibility study and securing all necessary permits so that the underground mine development can proceed.
Some USD6 billion has been invested in Oyu Tolgoi to date, and the open-pit mine is already operational with one million tonnes of copper concentrate shipped by March.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Rio Tinto