Mongolia urges Rio Tinto to rewrite terms of Oyu Tolgoi copper mine, FT reports
CNA
March 9 : Mongolia is seeking to renegotiate the "unfair" commercial terms of mining giant Rio Tinto's $18 billion Oyu Tolgoi copper mine, the Financial Times reported on Monday. Mongolia's Prime Minister Gombojavyn Zandanshatar warned Rio in a meeting on Monday that the current deal was "unfair," adding that
March 9 : Mongolia is seeking to renegotiate the "unfair" commercial terms of mining giant Rio Tinto's $18 billion Oyu Tolgoi copper mine, the Financial Times reported on Monday.
Mongolia's Prime Minister Gombojavyn Zandanshatar warned Rio in a meeting on Monday that the current deal was "unfair," adding that "this whole situation feels like the Mongolian people and the parliament are being deceived", the newspaper said, citing video footage it had seen.
Zandanshatar and other government officials will meet Rio executives, including head of copper Katie Jackson, this week to discuss the terms of the deal, the report said.
Mongolia owns 34 per cent of Oyu Tolgoi, one of the world's largest-known copper and gold deposits, while Rio holds a 66 per cent stake. The facility is Rio's biggest copper growth project and began open-pit mining in 2011.
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