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Tuesday, Oct 15
Rio Tinto resumes talks with Mongolia over Oyu Tolgoi development
- Representatives of Rio Tinto (RIO +2%) arrived in Ulaanbaatar yesterday to resume talks with the Mongolian government on resuming construction of underground mining shafts in the Oyu Tolgoi mine, which RIO halted in August due to the government's rejection of its financing proposal on the project.
- The government says RIO has exceeded the cost limit initially approved by $2B, but faced with deteriorating economic conditions and a shortage of hard currency, it is now attempting to bring the miner back to its investment in the country.