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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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