Sailingstone, its second biggest investor, flagged its vote in an open letter last month, citing governance issues and the board's lack of engagement with minority investors.
Mongolia Mining News
SailingStone Capital, the second largest shareholder in Rio Tinto- controlled Turquoise Hill is expected to vote against the re-election of the Canadian miner’s board members this week.
Rio has so far drilled 24 holes at the site and will continue extensive drilling in months to come as part of its $250 million exploration program.
Investment will go towards more drilling, orebody studies, infrastructure improvements and permitting activities.
Mongolia has emerged as an investment hot spot for untapped reserves.
The Gobi desert copper deposit promises to become one of Rio Tinto’s most lucrative properties, but it has been subject to repeated challenges from politician.
A mix of political populism, higher commodity prices and the expectation electrification will spur demand for raw materials has led governments to change the rules for miners operating in their countries.
Australian imports were at 1.16 million tonnes last month, compared to 1.47 million tonnes in February 2018.
Gold production surged 150% year-on-year to 285,000 ounces, while copper production of 159,100 tonnes marked a 1.1% increase over 2017.
The world's second largest miner has confirmed an "exciting" copper find at its Winu project, in the Paterson Range in the East Pilbara.
Coal and copper generate almost 70% of Mongolia's total export revenues and most of its mining output is sold to neighboring China.
A key asset is the Oyu Tolgoi copper project in Mongolia, which will partially diversify the miner's earnings away from iron ore.
An investigation is ongoing into suspected abuse of power - that former finance minister Bayartsogt held shares in a foreign company before the Oyu Tolgoi investment agreement.
The company expects Oyu Tolgoi will be the world’s third-largest copper producer at peak metal production.
The Oyu Tolgoi project is central to Rio Tinto's push to diversify its portfolio away from iron ore.
The government is keen to develop the mine which holds an estimated 7.4 billion tonnes in reserves.
"Our vision is to be the world's leading uranium company" - Ni Tao deputy manager of China National Uranium Co Ltd
First production from the $5.3 billion underground expansion of Oyu Tolgoi was originally scheduled for early 2020.
The Mongolian government broke laws during a controversial attempt to seize full control over the Erdenet copper mine.
Mining giant running out of time to secure power supplies
The listing also makes Erdene the only precious metals exploration and development company currently registered on the exchange.
The companies are committed to explore for mineral deposits first in the Asian country and then the rest of the world .
The Halifax, Nova Scotia-based miner also said it had launched an offering of common shares to Mongolian residents, as well as a concurrent non-brokered private placement, which in combination are expected to raise up to $4.4 million.
Rio Tinto has called for less interference at its giant copper and gold mine in Mongolia, as it moves forward with an underground expansion.
Chief executive Jean Sebastien-Jacques said the challenge for the industry is to ensure the benefits from the past frugal years are not lost against a backdrop of rising oil prices and increased political risk.