Rio wrangles with Mongolia but mine on trackRio Tinto has failed...

Rio wrangles with Mongolia but mine on track

Rio Tinto has failed to resolve cost disputes with Mongolia over the $US6.2 billion ($6.1 billion) Oyu Tolgoi copper and gold mine in talks this week but the two sides agreed on a temporary budget to keep the mine on track to start producing in June.

Oyu Tolgoi is crucial to both sides. At full tilt, it will account for nearly a third of Mongolia's economy, while Rio Tinto is dependent on the mine to drive growth outside of its massive iron ore business.

Read more: http://www.theage.com.au/business/mining-and-resources/rio-wrangles-with-mongolia-but-mine-on-track-20130301-2fb1r.html#ixzz2MGBbCTlQ