Rio Tinto, Mongolia agree to continue funding Oyu Tolgoi

Mar 04, 2013 | 12:03 PM | Shivani Singh

Tags  Oyu Tolgoi, copper, gold, Mongolia, Rio Tinto, Turquoise Hill, Shivani Singh

SINGAPORE — The Mongolian government and global miner Rio Tinto Plc have agreed to continue funding the $6.6-billion Oyu Tolgoi copper-gold project in the South Gobi region to keep the mine on track to achieve production by the end of June.

"All parties have agreed to continue discussions during March with a goal of resolving the issues in the near term," said Turquoise Hill Resources Ltd., majority-owned and controlled by London-based Rio Tinto.

The Mongolian government, which has a 34-percent stake in Oyu Tolgoi, previously asked Rio Tinto to explain a spike in costs at the Oyu Tolgoi project.....

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