Rio Tinto signs power supply deal in major milestone for Mongolia - Proactiveinvestors (UK): "It is the first cross-border power supply agreement between China and Mongolia.
“Rio Tinto and its partners have invested almost US$6 billion in this vast project, completing it in only 28 months,” said chief executive Andrew Harding.
“We have trained and employed thousands of Mongolians and Oyu Tolgoi will be a vital contributor to Mongolia's economic development.”
The deal represents a major milestone for the vast Asian country as the mine, which will be one of the world’s biggest copper mines once it is up and running, already accounts for a third of Mongolia’s gross domestic product (GDP).
Oyu Tolgoi is 66%-owned by Turquoise Hill, which is in turn owned by Rio through its majority stake.
The news will be a boost for other miners in the region, including Toronto-listed Kincora Copper (CVE:KCC), which is hoping its Bronze Fox mine can be the next Oyu Tolgoi."
'via Blog this'
