By Frik Els
MINING.com
Wrangling over a $6 billion-plus underground expansion of Oyu Tolgoi, Rio Tinto’s (LON:RIO) massive copper-gold mine in Mongolia, could be resolved by the end of the month.
UBPost News reports Erdenes Oyu Tolgoi director Da.Ganbold, representing the Mongolian government’s 34% stake in the project told local news media “only a few critical issues remain,” including water usage which is close to being settled, royalties, details the phase 2 pre-feasibility study and what Mongolia alleges is overspending by Rio to the tune of $2 billion.
Talks between the Anglo-Australian giant and the Mongolian government on the expansion and reworking the initial 2009 deal which first unleashed the Mongolian investment boom, have dragged on for the better part of a year. Both sides provided fresh faces for the Oyu Tolgoi board in September to break the impasse.