|Owner/Operator(s):||Rio Tinto PLC Turquoise Hill Resources|
|Categories:||Copper Mines Gold Mines|
|Updated:||02 Aug 2013|
The development of the underground mine at Oyu Tolgoi in Mongolia has taken a significant step forward today with the signing of the Oyu Tolgoi Underground Mine Development and Financing Plan (the Plan) by the Government of Mongolia, Turquoise Hill Resources and Rio Tinto. The Plan addresses the key outstanding shareholder issues and sets out an agreed basis for the funding of the project.
Turquoise Hill Resources today provided an update on Oyu Tolgoi, project financing and financial and production guidance for 2014.
Rio Tinto and Turquoise Hill Resources (Turquoise Hill) have signed an agreement under which Rio Tinto will provide Turquoise Hill with a financing package to enable it to fund the continuing development of the Oyu Tolgoi mine in Mongolia and, if necessary, to refinance its existing indebtedness to Rio Tinto by the end of the year.
Rio Tinto has been notified by the Government of Mongolia that the terms of the project financing provisionally secured for the underground development of Oyu Tolgoi will need to be approved by the Mongolian Parliament.
Oyu Tolgoi has started shipping copper concentrate to customers from its copper and gold mine in Mongolia.
Turquoise Hill Resources today announced that Oyu Tolgoi has produced its first copper-gold concentrate. This comes following the processing of first ore through the concentrator in early January 2013.
Oyu Tolgoi has signed a binding agreement with a Chinese power company for the supply of electricity to the nearly-completed copper and gold mine in Mongolia.
Rio Tinto acquired 133,571,192 common shares under Ivanhoe’s rights offering at a total cost of US$934,998,344 or US$7.00 per share. The purchase represents approximately 51 per cent of the common shares offered under the rights offering. The rights offering, which closed today, was fully subscribed.
Rio Tinto PLC plans to keep hold of the prized Oyu Tolgoi copper and gold project in Mongolia but has no interest in the other assets owned by Ivanhoe Mines Ltd., the head of Rio's copper division told Dow Jones Newswires Tuesday.
Ivanhoe Mines Ltd.'s US$6 billion Oyu Tolgoi copper-gold project in Mongolia is on track to commence commercial production in the first half of 2013, a senior executive said Wednesday.
The Australian arm of billionaire Robert Friedland's Ivanhoe Mines Ltd. said Thursday it has produced its first copper and gold from its processing facilities in northwestern Queensland state.
Rio Tinto has taken a majority stake in Ivanhoe Mines Ltd, having purchased shares that take its interest to 51 per cent.
Oyu Tolgoi LLC, the developer of Mongolia's largest copper-gold project, said Monday that a fire that broke out at the mine's emulsion plant Sunday has been extinguished and won't result in any construction delays.
Rio Tinto PLC has been successful in its challenge of certain provisions in a poison pill defense adopted by Canadian mining concern Ivanhoe Mines Ltd., following a ruling Tuesday by an independent arbitrator.
Ivanhoe Mines Ltd will need to build a new power plant by the summer of 2017 as part of its agreement with the Mongolian government to develop the country's massive Oyu Tolgoi copper-and-gold deposit.
Ivanhoe Mines Ltd. remains confident power from China for its massive copper and gold mine being developed in neighboring Mongolia will be delivered on schedule, the company's chief executive said Thursday.
Anglo-Australian miner Rio Tinto PLC, Canada-based Ivanhoe Mines Ltd and the Mongolia government have reaffirmed their commitment to keep to the original terms of the investment agreement to develop the massive Mongolian Oyu Tolgoi gold and copper project.
Diversified miner Rio Tinto PLC will respond to any request from the Mongolian government to discuss the investment agreement for the massive Oyu Tolgoi gold and copper project but doesn't expect the 2009 pactto be altered.
Canada-listed Ivanhoe Mines Ltd, the majority owner of the massive Mongolian Oyu Tolgoi copper and gold project, said Tuesday there have been no talks with the Mongolian government to change the terms of the 2009 investment agreement.
Anglo-Australian miner Rio Tinto PLC estimates that it will cost $2 billion to $3 billion to expand its Kennecott Utah Copper Bingham Canyon Mine according to plan, the head of the company's copper division said Tuesday.
Rio Tinto PLC plans to sell "a lot" of the output from the Oyu Tolgoi copper and gold project in Mongolia to China, and is in discussions with smelters in China, Rio Tinto's U.S. Copper Chief Financial Officer said Friday at an industry event.
Construction of the massive Oyu Tolgoi copper-gold project in Mongolia is moving ahead of schedule and under budget, and will take advantage of strong prices for both commodities, the chief executive of Ivanhoe Mines Ltd. said Wednesday.
Construction of the Oyu Tolgoi copper mine in Mongolia is well ahead of schedule and revenue from byproducts will substantially offset the cost of production, Ivanhoe Mines Ltd. Chief Executive Officer Robert Friedland said Tuesday.
The massive, undeveloped Oyu Tolgoi copper-gold project in Mongolia also contains substantial amounts of silver, the project's majority owner Ivanhoe Mines Ltd. said Thursday.
Any change to an existing partnership for the Oyu Tolgoi copper project in Mongolia between the government, Rio Tinto Ltd. and Ivanhoe Mines Ltd. would government approval, Mongolian Prime Minister Sukhbaatar Batbold said Wednesday.
Canada-based Ivanhoe Mines Ltd said Monday it approved a $2.3 billion construction budget for Mongolia's massive Oyu Tolgoi copper and gold complex in 2011.
Rio Tinto PLC, the mining giant, and Ivanhoe Mines have signed a new agreement under which Rio Tinto will assume direct management of the Oyu Tolgoi copper-gold project in Mongolia and provide a comprehensive financial package to Ivanhoe Mines that is expected to help secure the development of the project approximately six months ahead of schedule in late 2012.
Rio Tinto PLC said Friday it wants more involvement in the Mongolian Oyu Tolgoi copper and gold project.
More than $1 billion is likely to be spent on the massive Mongolian Oyu Tolgoi copper and gold project in 2011, a senior executive on the project said Wednesday.
AMEC PLC, an international engineering and project management company, Tuesday announced it has been commissioned for an undisclosed fee by Oyu Tolgoi LLC to undertake the feasibility study for Lift 1 of the underground Hugo North block cave operation of its copper and gold mining project in Mongolia.
Ivanhoe Mines Ltd. late Tuesday announced a counter-claim as part of its defense in an ongoing arbitration process with Rio Tinto PLC over Rio's investment in the Canada-based miner.
Disagreements between representatives of Rio Tinto PLC and Ivanhoe Mines Ltd. tasked with developing Mongolia's Oyu Tolgoi copper-gold mine could disrupt development of the mine, according to a regulatory filing.
Planned copper mining projects will be unable to support demand growth at current rates and could see the market for mined copper in deficit for most of the next decade, Rio Tinto Ltd. said Tuesday.
Anglo-Australian miner Rio Tinto PLC said Monday it increased its stake in Ivanhoe Mines Ltd., a Vancouver-based miner developing one of the world's largest new gold-copper mines in Mongolia.
Rio Tinto Ltd. reported Thursday that its first-half net profit more than tripled from a year earlier as commodity prices improved and announced that it will invest US$12 billion on capital spending over the next 18 months to improve the company's position in the iron ore market.