But production at massive Mongolian mine slips and shares take a beating.
Production of the steel-making material, however, increased by 16%, which means the miner is on track to meet its full-year target.
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.
Iron ore and coking coal prices hover at 6-month lows on Wednesday as Chinese steel prices approach record lows and forecasts for output growth are slashed.
Year to date shares of the operator of the giant Oyu Tolgoi copper-gold mine in Mongolia is up 21%.
If Rio Tinto and Mongolia can reach a deal on a $6bn+ expansion of the copper-gold mine it would completely transform the Asian nation's economy.
Canadian Business' list of Canada's most well-to-do shows which billionaires lost the most in 2013.
Overall this year copper slipped 7.4%, but the losses were more modest than many anticipated.
Company has a few more months to wrangle with the Mongolian government.
The owner of the massive Oyu Tolgoi copper-gold mine in Mongolia is doubling its shares outstanding with a $2.4 billion rights offer.
Government wants them to come forward and be part of the system.
But much of that optimism is centred on positive outcome over Oyu Tolgoi expansion.
Mining giant showed the door to an unconfirmed number of contractors at its Argyle diamond mine and is planning job cuts at its coal operations.
$50,000 a month to promote new foreign investor friendly law.
The rulers of Mongolia's fewer than 3 million citizens have amassed the equivalent of 7.6% of the country's economy.
Oyu Tolgoi Chairman: I have seen excitement about Mongolia reach fever pitch and drop off a cliff multiple times.
Exploration companies operating in the Asian nation have become collateral damage in a criminal case involving former senior government employees at Mongolia's mining regulator.
Suspended in July 2012, the Ulan Ovoo thermal coal project is up and running again.
Operator Turquoise Hill expected to confirm news at some point Monday.
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