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Share Name Share Symbol Market Type Share ISIN Share Description
Rio Tinto Plc LSE:RIO London Ordinary Share GB0007188757 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.50 0.01% 4,835.00 4,838.50 4,841.00 4,896.50 4,832.50 4,852.00 1,586,693 16:35:13
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 46,952.8 22,800.2 0.0 - 60,718

Rio Tinto, Oyu Tolgoi Partners Reach Agreements to Advance Copper Project

24/01/2022 11:48pm

Dow Jones News


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By Rhiannon Hoyle

 

Rio Tinto PLC said it has reached agreements with Turquoise Hill Resources Ltd. and Mongolia's government on the Oyu Tolgoi copper mine expansion in South Gobi desert that have led the partners to approve the start of underground operations.

Under the agreements, Turquoise Hill will waive a $2.4 billion loan to Mongolia's Erdenes Oyu Tolgoi, while Rio Tinto and Turquoise Hill have also promised improved cooperation with the state-owned company on the copper-mining operation, Rio Tinto said. The world's No. 2 miner by market value said the partners have agreed on measures to monitor underground development financing mechanisms and enhance environmental, social and governance matters, while also approving a new electricity supply agreement.

Rio Tinto said it now expects first sustainable output from Oyu Tolgoi's underground project in the first half of 2023, unlocking the most valuable part of the mine.

 

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

 

(END) Dow Jones Newswires

January 24, 2022 18:33 ET (23:33 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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