Rio Tinto's Mongolian Saga Brightens: Outlook Going Forward - Seeking Alpha: "On Tuesday morning July 9, the first shipment of copper concentrates from the rich site at Oyu Tolgoi (OT) in southern Mongolia left for China fifty miles to the south. It was an exciting day and perhaps an inflection point for Turquoise Hill Resources (TRQ) which owns OT 66-34% with the GOM (Government of Mongolia). One must mention politics and the government up front in discussing these matters for resource nationalism has been a large part of OT's development for years. Mining giant Rio Tinto (RIO) bought a majority interest in OT from Robert Friedland and Ivanhoe Mines in January 2012, upped its holdings in July 2012 and changed management. RIO controls OT through its 51% share in TRQ.
OT is expected to produce 330k tons of Cu (copper) / year and 495k oz. gold. When Phase I development is complete it will become one of the world's top-five copper sites, vying with the Escondida mine in Chile and Freeport McMoRan's (FCX) Grasberg District in Indonesia."
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OT is expected to produce 330k tons of Cu (copper) / year and 495k oz. gold. When Phase I development is complete it will become one of the world's top-five copper sites, vying with the Escondida mine in Chile and Freeport McMoRan's (FCX) Grasberg District in Indonesia."
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