Rio Tinto, Mongolia inch closer to resolving mine disputes

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

Rio Tinto (RIO) and Mongolia have settled some of the disagreements that have delayed the $5.1B expansion of their Oyu Tolgoi copper mine, a Mongolian board member of the venture has said.

However, a number of issues are still to be resolved, including cost overruns, a feasibility analysis and financing. The deadline to authorize the funding is December 12.

The saga has hit shares of Turquoise Hill (TRQ), which is 51%-owned by Rio Tinto and which manages the project via a 66% stake in the mine.