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Mongolia, mining giant Rio Tinto end long-running dispute over Oyu Tolgoi copper mine
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IANS | 25 Jan, 2022
The Mongolian government and Anglo-Australian mining giant Rio Tinto
have settled a long-running dispute over underground expansion for the
Oyu Tolgoi copper-gold mining project, allowing the mine's underground
mining construction to commence, the Mongolian government's press office
has said.
"I believe that the commencement of the Oyu
Tolgoi underground mining construction demonstrates to the world that
Mongolia can understand and negotiate with investors, work together in a
sustainable manner and be a trusted partner," Mongolian Prime Minister
Luvsannamsrai Oyun-Erdene said on Tuesday during the commencement
ceremony of the underground mining operations.
Within the
framework of the government's new revival policy for economic
development, Mongolia is ready to work actively and mutually
beneficially with global investors and partners, Oyun-Erdene added.
The
Oyu Tolgoi copper-gold mine deal between the Mongolian government and
Rio Tinto was signed in 2009, with its financing arrangement revised in
2015, Xinhua news agency reported.
However, the underground
expansion of the Oyu Tolgoi project had been hit by frequent disputes
and delays over geotechnical difficulties, costs, the Covid-19 pandemic
and others.
The mine is Mongolia's biggest ever investment project, and is located in the country's South Gobi Desert.
When
the underground mine becomes fully operational in 2023, Mongolia will
have the world's fifth-largest high-tech underground mine and become one
of major players in the international copper market, the Mongolian
government said, adding that mine's benefits to the country's economy
and state budget are expected to be at least tripled.
It is expected to produce 430,000 tons of copper and 425,000 ounces (about 12,050 kg) of gold annually for 20 years.
The
Mongolian government has a 34-per cent stake in Oyu Tolgoi while the
Rio Tinto-controlled Turquoise Hill Resources owns the remaining 66 per
cent.
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