Mongolia Snubs Canadian Gobi Desert Mine Explorer Entree Inc, Partly Owned By Rio Tinto, On Massive Oyu Tolgoi Mine, At Least For Now: "The Mongolian government is suspending mining licenses for a Canadian company exploring near the massive Oyu Tolgoi complex in the south Gobi Desert, which has caused problems with Rio Tinto PLC’s (LON:RIO) attempts to secure $6 billion in loans linked to the mine.
The Oyu Tolgoi, or “Turquoise Hill,” gold-copper ore deposit, which was scheduled to begin operations sometime this year, is the country’s largest financial undertaking involving the Mongolian government and London-based Rio Tinto.
In a surprise move this week, the government suspended two license applications for Vancouver-based minerals exploration company Entree Gold Inc. (NYSEAMEX:EGI), which had been exploring areas around the Oyu Tolgoi complex, the Wall Street Journal said. Rio Tinto controls the Oyu Tolgoi mine and owns about 24 percent of Entree, through its holdings in Turquoise Hill Resources Ltd (TSE:TRQ), a global minerals exploration and development company."
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