Rio threatens to halt work at Oyu Tolgoi over Mongolia's demands for bigger stake | MINING.com: "The Mongolian government holds 34% of Oyu Tolgoi and Turquoise Hill Resources (TSX:TRQ), controlled by Rio Tinto, holds the rest. Turquoise Hill fell over 5% on Wednesday – the counter is down 50% over the last year. Rio Tinto retreated slightly in London.
Oyu Tolgoi is one of the richest prizes in mining and the Mongolian government has long coveted more of the mine.
A group of influential parliamentary backbenchers in a petition in September – not long after general elections that brought resource nationalists to power – called for the enforcement of a parliamentary resolution that gives the Mongolian government majority ownership of Oyu Tolgoi.
It was not the first time Mongolian politicians had tried to rework the 2009 deal that only allows a bigger stake for the state 30 years after the project goes into operation (Oyu Tolgoi – turquoise hill in the local language – has an estimated life of mine of twice that)."
'via Blog this'
