Rio Tinto Starts Shipping Copper From Mongolia Mine - WSJ.com: "MELBOURNE--Rio Tinto PLC (RIO) on Tuesday began exporting copper from its $6.2 billion Oyu Tolgoi mine in Mongolia, a sign tensions between the government and the mining company have eased since the incumbent president won a second term in office.
Oyu Tolgoi is central to Rio Tinto's efforts to source new mineral supplies in developing resource hotspots and to reduce its dependence on iron ore, which accounts for about 80% of its earnings. It is also vital to Mongolia and the mining company has estimated it will account for more than 30% of the country's gross domestic product when it reaches full production in 2020.
"With continued development, Oyu Tolgoi will generate wealth for many decades to come," said Jean-Sebastien Jacques, chief executive of the Anglo-Australian mining company's copper division in a statement."
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Oyu Tolgoi is central to Rio Tinto's efforts to source new mineral supplies in developing resource hotspots and to reduce its dependence on iron ore, which accounts for about 80% of its earnings. It is also vital to Mongolia and the mining company has estimated it will account for more than 30% of the country's gross domestic product when it reaches full production in 2020.
"With continued development, Oyu Tolgoi will generate wealth for many decades to come," said Jean-Sebastien Jacques, chief executive of the Anglo-Australian mining company's copper division in a statement."
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