Rio Tinto Limited
(ASX:RIO) has secured the supply of electricity for its nearly completed $US6 billion Oyu Tolgoi mine in Mongolia.
The global mining company has inked a deal with a Chinese power company for the mine’s power, facilitating the mine to deliver the first phase of production in the first half of next year.
While the name of the Chinese power company has not been revealed Rio Tinto says the agreement is binding.
Oyu Tolgoi is understood to be the world's largest undeveloped copper-gold project and is expected to start a seven week commissioning of the ore processing equipment within weeks.
Shares in Rio Tinto gained 2.6 per cent to close at $58.88 before the announcement was made yesterday.
Rio Tinto posted a net profit of $6 billion in the first half of its 2012 financial year.
