28th Jun 2007 11:12
Rio Tinto PLC28 June 2007 Oyu Tolgoi Project Moves Forward The Mongolian Oyu Tolgoi copper-gold project moved a step closer to finalisationwith the Mongolian Government's announcement that it had completed the draftInvestment Agreement on 26 June 2007. Bret Clayton, chief executive of Rio Tinto's Copper group said, "We areencouraged by this progress and look forward to working closely with IvanhoeMines and the Mongolian Government to bring the project to fruition." The Agreement will now be submitted to the Mongolian National Parliament. Thisis expected to be the final step in the Government's approval process. Approvalwill also be needed from the boards of Rio Tinto and Ivanhoe Mines, the Canadianjoint venture partner. The agreement provides for the Mongolian Government to own a 34 per cent stakein the project. On 19 October 2006, Rio Tinto announced that it had reached agreement to acquirea 19.9 per cent holding in Ivanhoe Mines to jointly develop and operate the OyuTolgoi copper-gold project in southern Mongolia. Under this agreement Rio Tintohas the right to increase its holding in Ivanhoe Mines to 40 per cent over thefirst five years. For further information, please contact:AUSTRALIA LONDON Media Relations Media Relations Ian Head Nick Cobban Office: +61 (0) 3 9283 3620 Office: +44 (0) 20 8080 1305 Mobile: +61 (0) 408 360 101 Mobile: +44 (0) 7920 041 003 Christina Mills Office: +44 (0) 20 8080 1306 Mobile: +44 (0) 7825 275 605Investor Relations Investor Relations Dave Skinner Nigel Jones Office: +61 (0) 3 9283 3628 Office: +44 (0) 20 7753 2401 Mobile: +61 (0) 408 335 309 Mobile: +44 (0) 7917 227365 Susie Creswell David Ovington Office: +61 (0) 3 9283 3639 Office: +44 (0) 20 7753 2326 Mobile: +61 (0) 418 933 792 Mobile: +44 (0) 7920 010 978 Website: www.riotinto.com High resolution photographs available at: www.newscast.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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