Rio Tinto has agreed to pay $138.75 million to settle a lawsuit that accused the miner of defrauding investors by concealing problems with its underground expansion of the Oyu Tolgoi copper-gold mine in Mongolia, reported Reuters. The lawsuit sought damages on behalf of shareholders of Turquoise Hill Resources between July 2018 and July 2019, when it was majority-owned by Rio…
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The board of directors for Oyu Tolgoi LLC has approved development work at the Mongolian copper mine to commence under an alternative plan, while engagement continues with Entrée Resources and the government on the transfer of licences to allow mining in a joint venture area.
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Rio Tinto said it is partnering with China’s State Power Investment Corporation (SPIC) to demonstrate battery swap electric haul truck technology at the Oyu Tolgoi copper mine in Mongolia.
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Rio Tinto has appointed Katie Jackson to lead its copper business arm, succeeding Bold Baatar, who will become the company’s chief commercial officer later this year.
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Rio Tinto and the Mongolian government – both owners of the massive Oyu Tolgoi copper-gold mine in the South Gobi region of Mongolia – have officially commemorated the start of underground production from the operation. Full story.
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Canadian miner Turquoise Hill said 86.6% of its shareholders have voted in favor of Rio Tinto’s $3.3 billion takeover bid, reported Reuters. Read full article.
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Thiess long-time joint venture Thiess Khishig Arvin (TKAJV) has secured a contract extension for the underground works at the Oyu Tolgoi copper complex in the southern Gobi Desert of Mongolia. Read full article from The Asia Miner.
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Rio Tinto has taken interest in acquiring the remaining shares it does not already own of Turquoise Hill Resources and the Oyu Tolgoi copper operation in Mongolia in a $2.7 billion cash proposal. Read full article from The Asia Miner.
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Rio Tinto, Turquoise Hill Resources and the Mongolian government have reached an agreement that will move the Oyu Tolgoi project forward, resetting the relationship between the partners and increasing the value the project delivers for Mongolia. As part of the deal, Turquoise Hill will waive the $2.4 billion in debt owed to it by the Mongolian government. Commencement of underground…
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Turquoise Hill confirms that the Oyu Tolgoi LLC board of directors has approved a bridging budget of $75 million to continue critical activities at the Oyu Tolgoi underground mine development project in southern Mongolia. The approval reflects the progress made during recent negotiations between Turquoise Hill, the Mongolian government and Rio Tinto about the expansion of the Oyu Tolgoi copper-gold…
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