UPDATE 1-Rio Tinto sets cost-cut targets as new mine projects move ahead | Reuters: "Rio Tinto was also hopeful it could commission its giant Oyu Tolgoi copper and gold mine in Mongolia by the end of June, pending resolution of outstanding issues with the Mongolian government over local employment and taxes.
It has also failed to resolve cost disputes with Mongolia over how much the project will cost, agreeing only on a temporary budget to keep the mine on track to start producing in June.
Mongolia's representatives on the Oyu Tolgoi board refused to approve the mine's budget for this year in January, pressing Rio Tinto to explain why capital spending on the project had blown out by more than $2 billion. Rio Tinto has said that figure is incorrect and the project remains on budget of $6.2 billion."
'via Blog this'
