Rio Tinto Limited
(ASX:RIO) has signed a US$4.4 billion project financing agreement for its Oyu Tolgoi underground mine in Mongolia.
The mine secured project finance with funding by international financial institutions and export credit agencies representing the governments of the US, Canada and Australia, along with 15 commercial banks.
The miner said Rio Tinto and all Oyu Tolgoi shareholders will now continue to work towards updating the feasibility study, including the revised capital estimates, and securing all necessary permits for development.
Rio Tinto copper and coal chief executive Jean-Sebastien Jacques described the agreement as significant in the industry and said it is the next important step towards further development of the world class Oyu Tolgoi mine.
Rio Tinto recorded a net profit of $1.04 billion at 30 June 2015.
