During the PFI Awards Dinner held in London on Feb. 3.
Mongolian Government Mining News
The $4.4 billion deal involved international financial institutions and export credit agencies representing the governments of the U.S., Canada and Australia, along with 15 commercial banks.
The agreement, which is said to involve up to 15 banks, could be signed as early as Wednesday.
The company said it would announce a final decision on the matter early next year.
The company, which owns a gold project in Mongolia, is optimistic about the country's stance towards foreign mining investment over the coming years.
Prime Minister Chimed Saikhanbileg said Friday his country should take charge of how long a dispute a expansion of the copper and gold mine has taken.
Documents obtained and verified by The Australian, show that Rio Tinto offered Mongolia to forsake a “net smelter return” of 2% cent of the project’s revenue.
Mine operator and Rio's subsidiary Turquoise Hill said Monday they have made an offer to the government of Mongolia to resolve matters in a manner deemed "beneficial to all stakeholders.”
What happens next is critical say mining companies currently operating in the country.
According to The Times, Rio flagged the possibility of a writedown in August.
One of the two tailings thickeners experienced rake failure last Friday.
The move aims to shift blame for delays away from the government.
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.
Amid the miner's efforts to reduce costs at its gigantic copper and gold operation in Mongolia.
Production of the steel-making material, however, increased by 16%, which means the miner is on track to meet its full-year target.
Engineering and project management company AMEC has began advertising for workers on what appears to be the famous mine.
Operator Turquoise Hill expected to confirm news at some point Monday.
Rio Tinto has tried to get approval from Mongolia for its financing proposal since last winter, but the government has not yet offered a direct reply.
During the board meeting scheduled for this week, Kinnell is likely push for an end of some of the several points of dispute over Oyu Tolgoi.
Long-running dispute between the Mongolian government and Rio over the massive copper-gold mine continues to drag on.
Country's government may soon convert its shares in Rio Tinto’s $6.6 billion Oyu Tolgoi mine into a public company.
State-run Korea Resources Corp. (KORES) is planning to invest at least US$532 million (600 billion won) in mining projects abroad this yea, particularly in the coal sector of Indonesia and North America, reports Bloomberg.
A new initiative to train mining professionals in Mongolia is planting the seed for a burgeoning mining industry in the north-Asian country bordering China and Russia. The program, a mix of online and short (two-day) […]