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Rio Tinto For ‘Full Reset’ in Mongolia Mine Row – SMH

Mining firm, subsidiary Turquoise Hill Resources and the Mongolian government formalise a deal on expansion of Oyu Tolgoi copper mine

Rio Tinto has done a deal with Turquoise Hill to buy out its stake in the Oyu Tolgoi copper mine.
An employee looks at the Oyu Tolgoi mine in Mongolia's South Gobi region June 23, 2012. Photo: David Stanway, Reuters.


Rio Tinto chief executive Jakob Stausholm has agreed to waive $2.4 billion of debt owed by the Mongolian government under a deal to put a key growth project, the Oyu Tolgoi copper mine expansion, back on track, The Sydney Morning Herald reported.

In an effort to achieve a “full relationship reset” following a years-long dispute over Rio Tinto’s problem-plagued $6.9 billion project in the Gobi Desert, the Anglo-Australian mining giant, its subsidiary Turquoise Hill Resources and the government of Mongolia this week formalised an agreement to move the project forward and increase the value it delivers for Mongolia, the report said.


Read the full report: Sydney Morning Herald.

This report was updated on January 25, 2022 with a new photo.





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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


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