US raises serious concerns over Oyu Tolgoi's environmental, social impact | MINING.com: "World number two miner Rio Tinto (LON:ASX) has suffered another setback at Oyu Tolgoi in Mongolia after the US refused to vote on World Bank funding to expand the massive copper-gold project in Mongolia.
Operator Turquoise Hill Resources (TSX:TRQ), which is controlled by Rio, has already spent more than $6 billion on the mine in the south Gobi desert where it hopes to start commercial production by June.
The additional $4.5 billion debt package being negotiated with the International Finance Corporation, the World Bank’s private sector arm, the European Bank for Reconstruction and Development and several private institutions is needed to develop Oyu Tolgoi to full capacity with an underground mine to compliment the open pit.
The Inter Press Service reported Friday the US decision to abstain from voting won't derail IFC funding of the giant mine, but would add further pressure to make substantial changes to the controversial project."
'via Blog this'
