Rio Tinto meets with Mongolian prime minister

Company News

by Kathy Skantzos

Chief Executive of mining giant Rio Tinto, (ASX:RIO) J-S Jacques met the Prime Minister of Mongolia, U. Khurelsukh, and other government representatives in the country’s capital city Ulaanbaatar to progress their partnership.

The two sides discussed ways to strengthen the relationship by setting up a joint working group to explore whether funding costs can be reduced to improve benefits from the Oyu Tolgoi copper and gold mine for shareholders.

An accelerated path of development for a power solution in Mongolia was also discussed, and an acceleration of Oyo Tolgoi’s strategy to enable private and public investments towards sustainable community development in Khanbogd, the town close to the mine.

Rio Tinto’s Chief Executive J-S Jacques said the mining company remains fully committed to the Oyu Tolgoi mine in Mongolia and said the company continues to remain committed to creating job opportunities for Mongolians.

He added that the company wants to work with the Mongolian government to create long-term sustainable solutions that aim to benefit stakeholders and the country.

Shares in Rio Tinto (ASX:RIO) are trading 0.93 per cent lower at $77.78.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.