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Mongolia PM confirms agreement in principle on Rio Tinto mine
By Lucy Hornby
Financial Times, London
Monday, April 6, 2015
BEIJING -- Mongolia says it has broken the deadlock in negotiations about Phase 2 of Rio Tinto's $12.6 billion Oyu Tolgoi gold and copper mine, as the resource-rich country seeks to woo back foreign investors.
Foreign investors, whose dollars make up a big component of Mongolia's $11.7 billion economy, have been put off by a combination of falling commodities prices and quixotic policy making in Mongolia.
Expansion of the Oyu Tolgoi mine -- which has been under discussion for two years -- is a potent symbol of the frustrations on both sides. Rio Tinto, the Anglo-Australian miner, and the Mongolian government have clashed over a tax dispute and cost overruns during the first construction phase.
However, on Sunday evening, the Mongolian prime minister said agreement "in principle" had been reached with investors for building on the next stage of Oyu Tolgoi and the smaller Tavan Tolgoi coking coal mine. ...
... For the remainder of the report:
http://www.ft.com/cms/s/0/b5482d08-dc00-11e4-b693-00144feab7de.html
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