RE: RIO TINTO/Mongolia Mining Partnerships - FEB RNS - Heron Acceleration!10 Feb 2025 22:10
Below extract about Rio Tinto. Says F all about a partnership. If anything Matad need another licence and more funding. Oh dear rampers.... Not great is it?
The first project involves the provision of Green Hydrogen to Mongolia's major Oyu Tolgoi copper and gold mine in which Rio Tinto is the major investor. An exclusive Memorandum of Understanding has been signed with Oyu Tolgoi and the Japanese Overseas Environmental Cooperation Centre (OECC) to develop the project and supply Green Hydrogen (which is hydrogen produced from renewable energy) which will be used to provide heat to facilities at the mine. Through the involvement in the venture of OECC, the partnership has already secured some Japanese Government grant funding to support this ground-breaking green energy initiative. An application for further grant funding is expected to be made in due course. The total grant funding for a project such as this could be up to 40% of the capital expenditure requirement. Oyu Tolgoi, in the South Gobi region of Mongolia, is one of the largest known copper and gold deposits in the world and Oyu Tolgoi LLC is a Mongolian company, jointly owned by Erdenes Oyu Tolgoi LLC on behalf of the Government of Mongolia (34 per cent) and Rio Tinto (66 per cent). Rio Tinto also manages Oyu Tolgoi on behalf of the partnership. Petro Matad is delighted to see SRE cooperating on this exciting project which is designed to demonstrate the potential for Green Hydrogen to be used as a fuel in large scale mining and so to contribute to the decarbonisation of such operations.
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