Rio Tinto ‘Advanced’ in Securing Mongolian Mine Expansion Funds - Businessweek: "The underground component of the planned mine expansion includes 250 kilometers of tunnels and may cost $5.1 billion, according to a report last month by Rio Tinto unit Turquoise Hill Resources Ltd. (TRQ) The existing $6.6 billion open pit mine will be the largest contributor to Mongolia’s economy once operational and output is on schedule to start in June.
Oyu Tolgoi is 66 percent owned by London-based Rio Tinto with the remainder controlled by Mongolia. Rio and the government have been in dispute over alleged cost overruns and management control with three emergency shareholder meetings held this year. The government has said the company should’ve paid taxes last year and needs greater financial transparency."
'via Blog this'
