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HomeEconomyRio Tinto to push ahead with Mongolian copper project

Rio Tinto to push ahead with Mongolian copper project

Rio Tinto is to push ahead with its most important growth project after striking a deal with the government of Mongolia to solve the key issues that have dogged the $7bn expansion of the Oyu Tolgoi copper mine.

At a ceremony in the Gobi desert attended by the country’s prime minister Oyun-Erdene Luvsannamsrai, the Anglo-Australian miner on Tuesday fired the detonators that started the underground caving process — known as undercutting — putting the mine on track to start production in the first half of next year.

Rio had previously refused to start the undercut until it had resolved several issues with the government.

The deal comes days after Serbia put Rio’s $2.4bn Jadar lithium project on ice. As such, the agreement will be a relief for Rio chief executive Jakob Stausholm, who has laid out an aggressive plan to align the company with the decarbonisation of the global economy.

However, getting Oyu Tolgoi back on track has…

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