Rio Tinto expects funds for Oyu Tolgoi expansion lined up by Dec | Reuters: "Early production at Oyu Tolgoi to begin end of August
* Power supply problems likely to be resolved soon
By David Stanway
ULAN BATOR, June 22 (Reuters) - Financing to expand the $13 billion Oyu Tolgoi copper mine in Mongolia is likely to be locked in by the end of the year, said an executive with the mine's operator Rio Tinto .
Investment in Oyu Tolgoi helped drive growth in the central Asian country to 16.7 percent in the first quarter of 2012 and may already account for more than a third of Mongolia's economy.
"We are currently in the process of working with banks, and have been for a couple of years, to put in place the world's largest ever project finance raising for the industry and hopefully in the next six months we will conclude that," Cameron McRae, Mongolia country manager for Rio Tinto and chief executive of Oyu Tolgoi LLC, said in an interview on Friday."
'via Blog this'
* Power supply problems likely to be resolved soon
By David Stanway
ULAN BATOR, June 22 (Reuters) - Financing to expand the $13 billion Oyu Tolgoi copper mine in Mongolia is likely to be locked in by the end of the year, said an executive with the mine's operator Rio Tinto .
Investment in Oyu Tolgoi helped drive growth in the central Asian country to 16.7 percent in the first quarter of 2012 and may already account for more than a third of Mongolia's economy.
"We are currently in the process of working with banks, and have been for a couple of years, to put in place the world's largest ever project finance raising for the industry and hopefully in the next six months we will conclude that," Cameron McRae, Mongolia country manager for Rio Tinto and chief executive of Oyu Tolgoi LLC, said in an interview on Friday."
'via Blog this'
