Rio strikes breakthrough deal on Oyu Tolgoi copper project

Tuesday May 19, 2015: Rio Tinto says it has taken a "significant step forward" in its long-running bid to develop the troubled Oyu Tolgoi copper project in Mongolia with the partners signing a mine development and financing plan with the Mongolian Government.

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

It said the focus would now shift to securing finance, the feasibility study and permits.

The Oyu Tolgoi open pit operation shipped its one millionth tonne of copper in concentrate in March this year. But the underground development has been hit hard by long stand-offs between Rio and the Mongolian Government.


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