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Rio Tinto told to find power source for Mongolia mine by 2022
Rio Tinto said on Friday it had been told by Mongolia to find a domestic power source for the $5.3bn expansion the Oyu Tolgoi copper mine by 2022.
The Rio subsidiary that owns 66% per cent of Oyu Tolgoi, Turquoise Hill Resources, said it and Rio were "continuing to evaluate all viable power options including construction of an Oyu Tolgoi based power plant".
"The cost and means of financing this will be finalised between shareholders," the company said in a statement, adding that it was setting aside $250m a year for the development of a power station in Mongolia in its 2019 and 2020 capex forecasts.
"Oyu Tolgoi, Rio Tinto and Turquoise Hill Resources are committed to fulfilling all of the commitments under the investment agreement and are continuing to evaluate all viable power options, including the construction of an Oyu Tolgoi site-based power plant," Rio said.
The Rio subsidiary that owns 66% per cent of Oyu Tolgoi, Turquoise Hill Resources, said it and Rio were "continuing to evaluate all viable power options including construction of an Oyu Tolgoi based power plant".
"The cost and means of financing this will be finalised between shareholders," the company said in a statement, adding that it was setting aside $250m a year for the development of a power station in Mongolia in its 2019 and 2020 capex forecasts.
"Oyu Tolgoi, Rio Tinto and Turquoise Hill Resources are committed to fulfilling all of the commitments under the investment agreement and are continuing to evaluate all viable power options, including the construction of an Oyu Tolgoi site-based power plant," Rio said.
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