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Rio Tinto goes ahead with $5.3 billion expansion of Oyu Tolgoi

Categories: Industry NewsStars: 3Stars Visit: - Release time: 2016-05-09 10:39:00
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In a fresh sign that the downturn in the resources industry may be finally over, mining giant Rio Tinto (LON:RIO) and its Canadian affiliate Turquoise Hill (TSE:TRQ) have signed off on a $5.3 billion expansion of their massive Oyu Tolgoi copper and gold mine in Mongolia.


The decision ends a three-year stalemate and political tension over revenue sharing and the foreign role in Mongolia’s mining sector.


Oyu Tolgoi’s development, set to cost about $400 million more than previously thought, will begin within months, the companies said. First production from the underground expansion is expected by 2020, when a shortage of copper is tipped to emerge.


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