Rio Tinto lays off nearly 2,000 Oyu Tolgoi workers amid dispute

|About: Rio Tinto plc (RIO)|By:, SA News Editor

Nearly 2,000 workers at Rio Tinto's (RIO +0.7%) Oyu Tolgoi copper and gold mine in Mongolia reportedly have been laid off amid a financing dispute.

The layoff comes after months of disagreement between the government and Rio over how to share revenue from the mine.

On Aug. 12, Rio's Turquoise Hill (TRQ -2%) unit, which owns 66% of the mine, said funding and development of the mine’s underground expansion would be delayed until "matters can be resolved with the Mongolian government and a new timetable has been agreed."