While the company had other projects in the country, the Bayan Khundii gold project went from greenfield prospect to being its main asset in roughly nine months.
Oyu Tolgoi Mining News
Bayan Khundii project went from greenfield prospect to being Erdene’s flagship asset in roughly nine months.
Move follows extensive talks with Chinese and Mongolian authorities.
Russian-Canadian Vera Kirikova will become human resources group executive while Simone Niven will assume the corporate relations group executive post.
Chief executive Jean-Sebastian Jacques comments come as the company had to suspend shipments from the Mongolian mine last week.
$50 trillion in new investment needed to match global energy demand in next 20 years: Rio Tinto director
According to non-executive director Megan Clark, such investment would be needed to fund an energy market expected to grow by 40% through until 2035.
Andrew Harding, once tipped as the most likely person to take the company’s reins, is being replaced by Chris Salisbury, currently leading the copper and coal division.
The company's Bayan Khundii project went from greenfield prospect to the company’s flagship asset in roughly nine months.
The mining giant is said to have hired Goldman Sachs as an adviser to look at a two-step wrap-up of the Vancouver-based firm.
Rio Tinto Group’s $5.3 billion underground expansion of Oyu Tolgoi mine in Mongolia will increase its output in about four years time when the copper market is in deficit, according to the company’s deputy chief executive officer.
Construction of the massive mine's underground portion will begin within months, with first production expected by 2020.
In the final part of our probe into the curious case of Khan Resources, we review events leading to the seizure of the company’s Mongolian assets and its chairman’s unusual death in an Ulaanbaatar hotel.
In the second installment of the curious case of Khan Resources, we explore the company’s turbulent history in Mongolia and document a deal with Russia’s leadership to swap its uranium mines for hundreds of millions of dollars in aid and debt forgiveness.
The nation has struggled to manage its resources leading to disagreements and protests of mining operations.
During the PFI Awards Dinner held in London on Feb. 3.
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 world's No.1 copper miner will keep output targets and won't make major changes to its $25 billion investment plan.
Rio will buy all of Turquoise Hill soon says new report, but 'there's no incentive to promote the true value' of Vancouver co's giant Mongolia copper mine.
The company, which owns a gold project in Mongolia, is optimistic about the country's stance towards foreign mining investment over the coming years.
This wouldn’t be the first time Hockey hinders a major corporate deal in Australia.
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.
Rio Tinto and Mongolia have made a breakthrough in a tax dispute that has been among issues stalling development of the $6.5 billion Oyu Tolgoi copper mine, according to an official familiar with the government's position.
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.