MG Can Do It13 Mar 2023 07:16
Rio Tinto and the Mongolian government have put past tensions behind them with the start of production from the high-grade underground mine at the Oyu Tolgoi copper and gold project in Mongolia.
Located in the South Gobi desert, the $US7.06 billion ($10.6b) project holds one of the largest known copper and gold deposits in the world and is expected to be a significant contributor to the country and energy transition for half a century or more.
The project is a joint venture between the Government of Mongolia, which has a 34 per cent stake, and Rio Tinto, which increased its holding to 66 per cent late last year after a long and expensive takeover battle to acquire full ownership of Canadian copper miner Turquoise Hill for $US3.3b.