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HomeMongolia NewsRio Tinto flags increased costs for Oyu Tolgoi mine expansion

Rio Tinto flags increased costs for Oyu Tolgoi mine expansion

Rio Tinto has increased cost estimates for the ongoing expansion of the Oyu Tolgoi copper-gold mine in Mongolia by $300m to $7.06bn.

According to the mining firm’s cost and schedule reforecast, which was concluded in June 2022, the project’s cost increased by almost $1.8bn compared with its original estimate in 2015, according to Mining.com.

The project’s original estimated cost was $5.3bn. It was intended to be operational by early 2021.

This cost surge has been attributed to workforce constraints due to the Covid-19 pandemic.

Currently being reviewed by the Oyu Tolgoi board, the new reforecast assumes that the project will face no disruptions in the future.

Rio Tinto said that the project’s technical…

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