Work on feasibility study for $6bn underground expansion of massive Mongolian copper-gold mine can resume after confirmation tax dispute is settled for $100m less.
Productivity, followed by capital decisions and obtaining a social license to operate, are among the top risks global mining and metals companies face.
One of the two tailings thickeners experienced rake failure last Friday.
Talks ahead of September 30 funding deadline continue and feasibility study for $5bn expansion of Mongolia mine almost complete, but huge gaps remain.
The Asian nation is dependent on foreign investment in the mining sector to fuel growth.
The world’s second-largest mining company’s produced 139.5 million metric tons of iron ore in the six months through June, while its shipments rose 20% to 142.4 million tons.
The move aims to shift blame for delays away from the government.
New law expands the proportion of Mongolia’s area available to mining and exploration from 8% to 20%, among other investor-friendly changes.
Mongolia blocks accused from leaving country, often for years.
The long-dragged dispute between Rio and the Mongolian government over a $6.6 billion underground expansion of Oyu Tolgoi has hit a fresh impasse.
The revisions to the country's mining law would increase the area available to exploration to 20%t from around 8%.
Amid the miner's efforts to reduce costs at its gigantic copper and gold operation in Mongolia.
The head of the world’s second largest mining company, Sam Walsh, said he will soon stop focusing on cost cuts to centre on growth again.
Foreign direct investment in the central Asian country dropped 50% last year.
Company is confident the government will return two of the licences revoked last year.
Erdene Resource owns the Altan Nar gold-polymetallic project, located in southwest Mongolia, 200 kilometres from the border with China.
Production of the steel-making material, however, increased by 16%, which means the miner is on track to meet its full-year target.
But production at massive Mongolian mine slips and shares take a beating.
While mining giants have boost Mongolia’s economy, illegal miners keep polluting the environment and driving industry's death figures up.
Operator Turquoise Hill may need to ask lenders to extend financing for the $6.2 billion mine extension.
The Vancouver-based miner said it expected coal prices to remain weak.
The miner is warning the multitude of new legislation could send compliance costs soaring by tens of millions of dollars for global companies.
The figure includes salary, a cash bonus, shares and other benefits for the man who was able to take Rio Tinto from a US$3 billion loss to a US$3.7 billion profit in a year.
Engineering and project management company AMEC has began advertising for workers on what appears to be the famous mine.
No progress in talks with Mongolia on underground expansion and a couple of production and sales hiccups.
The miner has been among the most aggressive cost-cutters and plans to find a further $3 billion in savings this year.
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