Rio Tinto, Oyu Tolgoi Partners Reach Agreements to Advance Copper Project
January 24 2022 - 6:48PM
Dow Jones News
By Rhiannon Hoyle
Rio Tinto PLC said it has reached agreements with Turquoise Hill
Resources Ltd. and Mongolia's government on the Oyu Tolgoi copper
mine expansion in South Gobi desert that have led the partners to
approve the start of underground operations.
Under the agreements, Turquoise Hill will waive a $2.4 billion
loan to Mongolia's Erdenes Oyu Tolgoi, while Rio Tinto and
Turquoise Hill have also promised improved cooperation with the
state-owned company on the copper-mining operation, Rio Tinto said.
The world's No. 2 miner by market value said the partners have
agreed on measures to monitor underground development financing
mechanisms and enhance environmental, social and governance
matters, while also approving a new electricity supply
agreement.
Rio Tinto said it now expects first sustainable output from Oyu
Tolgoi's underground project in the first half of 2023, unlocking
the most valuable part of the mine.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
January 24, 2022 18:33 ET (23:33 GMT)
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