Rio Tinto to begin work on Oyu Tolgoi

Mining giant Rio Tinto will soon begin work on the next stage of its massive Oyu Tolgoi copper and gold mine in Mongolia as it pushes ahead with a $US5.3 billion expansion.
Rio and its partners, the government of Mongolia and Turquoise Hill Resources, have approved the investment for the next stage of the underground mine after being granted necessary permits.
First production from the underground mine is expected in 2020 and the mine is expected to be fully ramped up in 2027.
Rio said Oyu Tolgoi is expected to produce more than 500,000 tonnes of copper a year, up from current annual production of 175,000-200,000 tonnes.
It comes five months after Rio announced 20 financial institutions had agreed to finance the second phase of the $US6.4 billion project, which has been four and a half years in the making.
Rio Tinto deputy chief executive Jean-Sebastien Jacques said the investment would transform Oyu Tolgoi into one of the most significant copper mines globally, and unlock 80 per cent of its value.
"Long term copper fundamentals remain strong and production from the Oyu Tolgoi underground will commence at a time when copper markets are expected to face a structural deficit," Mr Jacques said.
He said Oyu Tolgoi, which has a workforce of around 3000, offered opportunities for further expansions through existing infrastructure and supply chains.
Turquoise Hill Resources, which is majority owned by Rio Tinto, owns 66 per cent of Oyu Tolgoi while the Mongolian government has a 34 per cent stake in the project.



Post a Comment

Facebook page

Powered by Blogger.


Advertising in Mongolia An Asian Development Bank Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia Adventure Mongolia agriculture Mongolia analysis Mongolia and Armenia Mongolia and Asian Development Bank Mongolia and Australia Mongolia and Azerbaijan Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and Czech Mongolia and donors Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and IMF Mongolia and India Mongolia and Indonesia Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Israel Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Kyrgyzstan Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Qatar Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and Thailand Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and US Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia blind Mongolia civic society Mongolia Corruption Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia environment Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Nuclear Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia slums Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia trade Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Climate Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Kazakh Mongolian Meat Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive