- Mongolia has extended its cooperation with a World Bank insurer, overcoming a major obstacle ahead of a $5.4B expansion project to the Oyu Tolgoi copper deposit.
- Disputes between the government and Oyu Tolgoi lead developer Rio Tinto (RIO -2.5%) have prevented the construction of an underground mine Rio says will unlock 80% of the copper wealth; Rio owns 66% of the mine indirectly through its Turquoise Hill Resources (TRQ -2%) unit.
- The announcement comes on the same day that a government-appointed Oyu Tolgoi board member unexpectedly announced his resignation, a step one analyst says could lead to "a united credible position of the Mongolian negotiations side."