Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Rio Tinto Reportedly Rejects News Of Planned Construction Halt At Mongolia Mine

Mining giant Rio Tinto Plc. (RTNTF.PK, RIO,RIO.L,RTPPF.PK) reportedly said it remains on track to start production at its Oyu Tolgoi copper-gold project in Mongolia by the middle of the year, contrary to reports that it might temporarily halt construction because of political issues.

Earlier, Bloomberg had reported, citing people familiar with the plans, that the Anglo-Australian miner was considering a temporary halt to construction work at the $6.2 billion mine in protest over Mongolian government's demands for a bigger stake in the project and new mining royalty rates.

Rio Tinto subsidiary Turquoise Hill Resources Ltd. (TRQ) owns 66 percent of Oyu Tolgoi, which is currently the world's biggest copper project under construction, while the Mongolian government owns the remaining 34 percent stake.

"The power is secured, first ore produced and the concentrator switched on and we are on schedule for first commercial production in the first half of the year. We continue to work together with all stakeholders including the government of Mongolia to bring the benefits of Oyu Tolgoi to all parties," Rio Tinto said Thursday.

It was reported that Mongolian government, led by Prime Minister Norovyn Altankhuyag, tries to maintain support for foreign investment amid growing nationalism and wealth disparity.

Turquoise Hill shares closed Wednesday's trading $7.86, down $0.29 or 3.56 percent.

Register
To receive FREE breaking news email alerts for Rio Tinto PLC and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks came under pressure in early trading on Friday and remained firmly in the red throughout the remainder of the trading session. With the losses on the day, the S&P 500 pulled back well off yesterday's record closing high. President Barack Obama is meeting with presidents from Central American nations on Friday as the U.S. struggles to deal with a surge of unaccompanied children across the southern border. Despite calls from some leading conservatives, the results of a new CNN/ORC International poll released Friday showed that a vast majority of Americans do not believe that President Barack Obama should be impeached and removed from office.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.