Rio Tinto and Turquoise Hill Resources (TRQ) have signed a memorandum of understanding (MOU) to fund the completion of the Oyu Tolgoi underground copper project in Mongolia, Rio Tinto said on Thursday September 10.
The MOU seeks to raise up to $500 million in additional lending from selected international financial institutions.The first sustainable production from the Oyu Tolgoi underground project is expected between October 2022 and June 2023, some 21-29 months later than the original feasibility study guidance in 2016, and $6.6-7.1 billion of development capital is expected based on the updated mine design of Panel 0 - an increase of $1.3-1.8 billion from the...