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Mongolia’s Oyu Tolgoi copper-gold project costs increase
February 06, 2013 - 06:28 GMT
The Oyu Tolgoi copper-gold mine in Mongolia expects phase 1 development to cost almost $1 billion more than originally expected, according to a statement on the company’s website on Tuesday, February 5.
Total capital expenditure for the first phase of the mine
development is $6.6 billion compared with $5.7
billion stated in the project's 2010 feasibility study.
Oyu Tolgoi, in which the Mongolian government has a 34% stake
and Turquoise Hill Resources has the rest, is on track to
achieve commercial production in the first half of the year,
Rio Tinto said recently. Turquoise Hill is majority-owned and
controlled by global miner Rio Tinto. "Currently, investors are
seeking to raise project finance from international banking and
financial institutions to enable the next stage of
development," Oyu Tolgoi said. The mine is estimated to contain
25 million tonnes of recoverable copper. "Project financing
would lower the...
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Euromoney Institutional Investor PLC.
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