POST Online Media Lite Edition



 

Rio Tinto signs agreement with Mongolia

Staff writer |
The development of the underground mine at Oyu Tolgoi in Mongolia has taken a significant step forward with the signing of the Oyu Tolgoi Underground Mine Development and Financing Plan by the Government of Mongolia, Turquoise Hill Resources and Rio Tinto.

Article continues below






The plan addresses the key outstanding shareholder issues and sets out an agreed basis for the funding of the project.

With a new pathway to development of the underground mine agreed, the focus now shifts to finalising the project finance, the feasibility study and securing all necessary permits so that the underground mine development can proceed.

Prime Minister of Mongolia MP Chimediin Saikhanbileg said "Mongolia is back to business. Oyu Tolgoi is a world-class copper-gold asset and its further development is of great economic significance for Mongolia.

"We have finalised a way forward with our partners which re-establishes the foundations of a new and constructive relationship based on mutual trust and our joint long-term commitment to Mongolia's growth.

"Unlocking Oyu Tolgoi's underground mine will have a significant impact on the Mongolian economy, which will benefit Mongolian citizens for generations to come. Our joint agreement clearly positions Mongolia as an attractive country for investment and underscores the fact that Mongolia is open for business".

Rio Tinto Copper and Coal chief executive Jean-Sébastien Jacques said "Our joint announcement today reflects tremendous leadership by all parties and paves the way for work to resume on the underground development, which is expected to deliver significant value to shareholders.

"The resolution of the outstanding issues reinforces the principles of the Investment Agreement signed in 2009, which underpinned the US$6 billion invested in Oyu Tolgoi to date, and provides a clear and stable framework for the future."

Turquoise Hill Resources chief executive officer Jeffery Tygesen said "The signing of this agreement is the culmination of extensive work by Oyu Tolgoi's shareholders over the last year.

"The agreement outlines a pathway to restarting development of the underground mine, and builds on the value that has already been unlocked for Mongolia from the operation of the open-pit mine which is providing jobs and other economic contributions as well as best practices in mining standards."

The construction of the first phase of the pioneering Oyu Tolgoi project – the open-pit mine – was completed on schedule in less than 24 months. The operation celebrated one million tonnes of copper concentrate shipped in March 2015, less than two years after the first production left the mine.

Oyu Tolgoi has a workforce that is 95 percent Mongolian and Oyu Tolgoi LLC has paid $1.3 billion in taxes, fees and other payments to date.


What to read next

Rio Tinto to sell interest in Bengalla Joint Venture for $606 million
Oyu Tolgoi underground mine signs $4.4 billion finance agreement
Rio Tinto to press ahead with $5.3bn Mongolian mine

U.S. durable goods orders fall 6.1% in January

 
US durable goods orders plummeted 6.1% in January, falling more than estimates, according to a report released by the Commerce Department’s Census Bureau.
 
 

Latest

Taiwan tests home-built submarine
Italy: EPPO uncovers €220 million VAT fraud involving alcohol exports
Saudi Arabia launches new clean Euro 5 fuels
German union calls for Lufthansa ground staff strike

NEWS

Lithuania denies accusations of re-exporting Ukrainian grain to Poland

Popocatepetl volcano spews steam and ash
Out-of-control wildfire in Texas Panhandle shuts down nuclear facility, prompts evacuation orders
Winter storm impacting central and eastern U.S.; another winter storm moves into west
UK: Vital Derby rail maintenance workers to strike over failure to make pay offer
Polish freight carriers to resume blockade of border with Ukraine from March 1
 

BUSINESS

Consortium to tackle issue of counterfeit aircraft parts

Japan to up highway speed limit for trucks amid driver shortage
Nearly $16.5m for short line rail projects to improve agricultural supply chain in Kansas
Star Wars’ The Mandalorian and Grogu to be filmed in California
New global rules to simplify trade in services enter into force in WTO
Tanzania launches trial run of SGR train
 

Trending Now

Oxehealth appoints Todd Haedrich as CEO

J.M. Smucker sales increased $12.9 million

QSM Semiconductores opens development center in Querétaro

U.S. durable goods orders fall 6.1% in January


POLITICS

$30 million in initial SEEDS grants to accelerate development of industrial sites across Alabama

$7.5 million state investment supports Illinois' growing EV industry and workforce
Russia to ban gasoline exports for 6 months starting March 1
Qatar announces new LNG expansion project
Local leaders to receive £4.7 billion to transform transport across North and Midlands
Egypt, UAE sign deal to develop new city on Egypt's northern coast
 

Today We Recommend

Consortium to tackle issue of counterfeit aircraft parts


Highlights 

Macy's to shut 150 stores in growth, revitalization plan

Kyowa Kirin to bring more than 100 new jobs to Sanford, North Carolina

Sasol EBIT down 34%


COMPANIES

Macy's to shut 150 stores in growth, revitalization plan

MassCEC, City of Salem, and Crowley announce agreements for Salem Offshore Wind Terminal
Gerresheimer expands in Peachtree City, Georgia
Kyowa Kirin to bring more than 100 new jobs to Sanford, North Carolina
Governor Moore announces new Port of Baltimore cargo records
QSM Semiconductores opens development center in Querétaro
 

CAREERS

Oxehealth appoints Todd Haedrich as CEO

Alan Berger joins Multi-Wing global board as non-executive director
BioMar appoints new VP for Asia
APO Group appoints Laila Bastati as chief commercial officer
TerraPay appoints Ruben Salazar Genovez as president
Personetics names Udi Ziv as new CEO
 

ECONOMY

Companies in Germany looking to hire less staff

Surplus of a billion euros in Greece budget
Retail spending in New Zealand falls for eighth quarter in a row
Malaysia's total approved investment up 23 pct in 2023
Eurozone current account surplus up in December
Saudi Arabia's GDP hits $1.07trn in nominal terms
 

EARNINGS

Perrigo Q4 sales $1.2 billion

J.M. Smucker sales increased $12.9 million
BMO Q1 income $1,292 million
Lowe's earnings $1.0 billion
Aaron's Q4 revenues 529.5 million
Domino's Pizza Q4 revenues increased $10.7 million
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

California: Invasive beetle detected in Central Valley almonds and pistachios

South Korea's arable land falls for 11th year in 2023
Expansion of emerald ash borer regulated area in Québec
Ladybug scents offer a more ecologically friendly way to protect crops
Vietnam's seafood exports surge by 64 pct in January
Skyrocketing cocoa prices feared to trigger chocolate shortages
 

LEADERSHIP

Generating 'buzz' about new products can influence their success

Hiring 'problem directors' can knock up to 64% off firm's value
Problematic 'zombie leadership' lives on in many cases
Younger workers have significantly lower productivity than older
Employees who experienced burnout valued jobs with training opportunities less
Moderate performance goals let workers adapt to turbulent marketplaces, research suggests
 

CRIME

Former Vitol oil trader convicted of corruption

Three NRA leaders found liable for graft
Linde unit to pay $25.5 mln over claims it defrauded U.S. healthcare programs
FINRA fines Morgan Stanley $1.6 million for municipal securities violations and related failures
Eli Lilly to offer low cost insulin, donate to clinics in Minnesota settlement
Google to pay $350 million to settle shareholders' data privacy lawsuit
 

Magazine

TRAVEL

Experience the thrill of walking across the breathtaking Ruyi Bridge

Share your story in Denver StorySlam in just five minutes
The Garden of Ninfa, Rome's dreamy romantic getaway
Visitors to be welcomed back on Farne Islands
Hotel Taschenbergpalais Kempinski Dresden opens
306 Room Tempo by Hilton Nashville Downtown hotel opens
 

SEA, LAND, AIR

Embraer Phenom 300E, true force to be reckoned with

Sikorsky S-76D helicopter, for perfect business travel above roads
Porsche Taycan, improved in almost everything
New Ford Explorer is all about exploring
Chevrolet 2025 Equinox is new and refreshed
F-150 Lightning Switchgear soon available to public
 

DESIGN

Luxury duvet looks good, fells good and keeps you healthy

Vacheron Constantin, watches for life and more
Schüller kitchens, where functionality marries design
Marc Kaufman Furs, from glory days of Wild West to fashion empire
Kelaghayi scarf, powerful women's fashion symbol from Azerbaijan
Tiffany reimagined their necklace collections in bold style
 

GADGETS

Neumann TLM 103, standard microphone for both voice and music

Epikore Epikore, luxurious loudspeakers you should have
Retro radios with soul for your car
Balanced Audio Technology power amplifier REX 500, 500 watts of solid state
Marantz TT-15S1 turntable, excellent materials and sound
Samsung Galaxy S24, smartphone focused on photography
 

HEALTH

Vaping can increase susceptibility to infection by COVID-19

AstraZeneca's Voydeya treatment recommended for EU approval
GSK gonorrhoea treatment achieves efficacy endpoint in latest trial
Secret, undeclared pesticide ingredients may pose risk to people, pollinators and environment
Glucagon is key for kidney health
U.S. FDA warns using smartwatches to measure blood glucose
 

MEANTIME

India unveils astronaut-designates for its first human spaceflight

Australian research discovers 8 new Pacific bee species
Significant glacial retreat in West Antarctica began in 1940s
Japan Moon lander revives after lunar night
Increase in blood-sucking black flies expected in Germany
U.S. makes first lunar landing in over 50 years