Rio needs no parliament approval for Oyu Tolgoi financing, says Mongolia

August 06 09:43 2013 Print This Article  05 August 2013

Mining major Rio Tinto is not liable to seek approval for the multi-billion financing to develop an underground mine at Oyu Tolgoi project, Mongolia’s Prime Minister Norovyn Altankhuyag said.

Prime Minister Altankhuyag was quoted by Reuters as saying that the parliament has already agreed, and now all the issues can be concluded at the board level.

On 29 July, the company halted the proposed expansion of Oyu Tolgoi mine, saying it has been notified by the government that the terms of the project financing will need parliament approval.

The company expected the process to take few months as parliament was on summer recess. However, the latest announcement by the Prime Minister allows the company to begin the expansion works.

Rio Tinto’s unit Turquoise Hill owns 66% stake in Oyu Tolgoi copper mine, while the remaining 34% is owned by the Government of Mongolia.

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Saranchimeg Enkhee
Saranchimeg Enkhee

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