LONDON—Rio Tinto PLC Friday announced a new stage of development at the Oyu Tolgoi copper and gold mine in Mongolia, paving the way for production to start in 2020.

The London-listed mining giant and its partners, the Mongolian government and Turquoise Hill Resources Ltd, have approved the next stage of development on the mine, which will start in mid-2016, Rio said. The development involves $5.3 billion of investment by the partners, Rio Tinto continued.

In addition to the Oyu Tolgoi project, Rio Tinto will assess a proposal to develop a new iron-ore mine in Western Australia, called Silvergrass, "in the relative near-term" according to outgoing Chief Executive Sam Walsh.

Write to Rory Gallivan at rory.gallivan@wsj.com

 

(END) Dow Jones Newswires

May 06, 2016 03:45 ET (07:45 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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