- Rio Tinto (NYSE:RIO) +2.2% pre-market after saying it completed development of Shaft 2 at the Oyu Tolgoi mine in Mongolia, which it calls "a significant milestone" which will accelerate underground development work at the mine site.
- "Shaft 2 significantly improves overall productivity of the underground development and allows us to move more material, equipment and people between the surface and underground," Rio says.
- The company says Shaft 2 uses the world's largest production hoist motor, allowing the mine to transport 300 people per cage cycle vs. a maximum of 60 people per cage cycle through Shaft 1.
- Oyu Tolgoi is one-third owned by the Mongolian government and two-third held by Turquoise Hill Resources (NYSE:TRQ); out of TRQ's 66% share, Rio owns 51% in the project.