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.
Rio Tinto PLC 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.
Chief executive Jean-Sebastian Jacques comments come as the company had to suspend shipments from the Mongolian mine last week.
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.
Construction of the massive mine's underground portion will begin within months, with first production expected by 2020.
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 company, which owns a gold project in Mongolia, is optimistic about the country's stance towards foreign mining investment over the coming years.
If the miner buys any assets this year, it would be Rio's first acquisition in about three years.
The miner shipped 72.5m tonnes in the quarter, up 9% from a year earlier but down 12% sequentially.
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.
They'll hand back more than 175,000 hectares of prime conservation land they have held since 1971 to West Australia, ditching plans to build a bauxite mine and an alumina refinery in the area.
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.
The mining giant said it was committed to giving significantly more money back to shareholders in 2015 despite a severe drop in iron ore prices.
A federal judge has ruled in favour of the Pebble mine project, putting a temporary halt on the U.S. Environmental Protection Agency’s efforts to protect Bristol Bay.
The partnership dates back to 1987, in the early stages of the development of the Chinese steel industry.
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.
The move is seen by analysts as an attempt to strengthen the firm’s image.
U.S. federal court won't make a final decision until at least January 2, 2015.