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Rio Tinto targets Oyu Tolgoi copper output by October 2022
StockMarketWire.com
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Mining giant Rio Tinto said it expected the first phase of its Oyu Tolgoi underground copper and gold mine in Mongolia to cost $6.75 billion to develop and start producing by October 2022.
Rio Into said the forecasts were in line with previously announced ranges and included the known and forecast impacts of Covid-19.
The company said it and partners including the Mongolian government and Turquoise Hill Resources still needed to finalise three other milestones.
These included outstanding government approvals, funding and a power solution.
The development of two additional panels, required to support the ramp-up to 95,000 tonnes of ore per day, were currently subject to further studies, with initial recommendations expected by mid-2021.
At peak production, Oyu Tolgoi was expected by 2030 to be the fourth largest copper mine in the world.
At 8:59am: (LON:RIO) Rio Tinto PLC share price was 0p at 4732p
Story provided by StockMarketWire.com
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