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Mongolia threatens to revoke Rio Tinto’s plan for Oyu Tolgoi

Jan 11, 2021

Source: https://www.mining.com/mongolia-threatens-to-revoke-rio-tintos-plan-for-oyu-tolgoi/

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Rio Tinto has said Oyu Tolgoi’s underground expansion is its most important growth project. (Image courtesy of Turquoise Hill.)

The Government of Mongolia may cancel and replace the development and financial plan for the country’s vast Oyu Tolgoi copper-gold mine, Canada’s Turquoise Hill (TSX, NYSE: TRQ) said on Monday.

The Rio Tinto-controlled company said Mongolian authorities are dissatisfied with the top miner’s plans and are particularly concerned about the costs of the expansion, recently updated to $6.75 billion, about $1.5 billion higher than its original estimate.

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Rio Tinto has said Oyu Tolgoi’s underground expansion is its most important growth project. (Image courtesy of Turquoise Hill.)

The Government of Mongolia may cancel and replace the development and financial plan for the country’s vast Oyu Tolgoi copper-gold mine, Canada’s Turquoise Hill (TSX, NYSE: TRQ) said on Monday.

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