Rio Tinto Limited
(ASX:RIO) has advanced plans to expand its partly owned underground Oyu Tolgoi copper and gold mine in Mongolia.
The global miner says the mine’s development has taken a significant step forward with its shareholders agreeing on the next steps.
The plan addresses the key outstanding shareholder issues and sets out an agreed basis for the funding of the project.
Rio Tinto has advised the focus now shifts to finalising the project finance, the feasibility study and securing all necessary permits so the underground mine development can proceed.
Rio Tinto reported a net profit of $7.92 billion in the 2014 calendar year.
