Tags: AS | Mongolia | Rio Tinto

Rio Tinto Announces Long-delayed Expansion of Mongolia Mine

Friday, 06 May 2016 05:18 AM EDT

BEIJING (AP) — Mining giant Rio Tinto has announced the launch of the next stage of a multibillion-dollar goal and copper mine in Mongolia following lengthy negotiations and political tension over the role of foreign companies in resource industries.

Rio said Friday said an underground portion of the Oyu Tolgoi mine will go ahead after the company, the Mongolian government and another partner agreed on a $5.3 billion investment plan. It said production should begin in 2020.

Oyu Tolgoi became a symbol of tense relations between Mongolia and foreign investors. Expansion plans were delayed by disagreement over how to share revenue in the impoverished but resource-rich country between China and Russia.

Critics of government agreements with mining companies complain too little of Mongolia's mineral wealth benefits the general public.

© Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Asia
Mining giant Rio Tinto has announced the launch of the next stage of a multibillion-dollar goal and copper mine in Mongolia following lengthy negotiations and political tension over the role of foreign companies in resource industries.Rio said Friday said an underground...
AS,Mongolia,Rio Tinto
128
2016-18-06
Friday, 06 May 2016 05:18 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved