Rio Tinto’s Limited
(ASX:RIO) Oyu Tolgoi gold and copper mine may be closer to development after the Mongolian Government said some of its concerns about the project have been resolved.
The government says a meeting will be convened next week to discuss the remaining issues.
Rio Tinto, which is the project operator and major shareholder, held a meeting with the Mongolian government last week in London, during which they resolved 15 out of the 30 urgent issues that had led to the suspension of the $5.5 billion expansion project.
The board agreed that all Oyu Tolgoi licenses owned by third parties should be transferred to Oyu Tolgoi to push the Mongolian government’s stake in the project to 34 per cent.
The Mongolian Government stands to make an additional $US1.4 billion as a result of the transfers.
Rio Tinto delivered a net profit of $1.8 billion in the first half of fiscal 2013.
