Hints and tips:
...When the underground mine is fully operational, it will be the fourth biggest copper project in the world — a boon for the Mongolian government, which holds a 34 per cent stake....
...“I think there are new frontiers we’ve got to try,” Dominic Barton, chair of the Anglo-Australian group, told the Financial Times in Ulan Bator, the Mongolian capital....
...I’ve walked it twice and the money goes towards preservation projects for the national park. There’s also Arburd Sands camp, a tiny place with only 20 gers, one of which has a library inside....
...Bator....
...The Oyu Tolgoi scheme has been beset by problems and disagreements with Ulan Bator. First production at the mine is expected in October 2022....
...Under the deal, Rio and its subsidiary Turquoise Hill Resources will write off $2.4bn of loans used by Ulan Bator to fund its share of the development costs....
...Ulan Bator has been funding its share of the underground development costs through loans from Rio and will not receive any dividends from the project until its debts are paid back....
...The rest is owned by Ulan Bator....
...However, the scheme has been beset by problems and disagreements with Ulan Bator over tax and the financing agreements that underpin the project....
...Under the deal announced on Tuesday in the Gobi desert, Rio and its subsidiary Turquoise Hill Resources have agreed to write off $2.4bn of loans and interest used by Ulan Bator to fund its share of the development...
...Those disputes have been put to bed after Rio subsidiary Turquoise Hill Resources agreed to write off $2.4bn of debt Ulan Bator had agreed to pay back out of its share of the mine’s profits....
...However, the scheme has been beset by problems and disagreements with Ulan Bator....
...Rio revised that forecast again on Friday to “no earlier than” January 2023 because of the pandemic and the need to agree “non-technical” criteria with Ulan Bator....
...However, Rio and Ulan Bator are in a stand-off over when to take the next step in the development schedule so they can hit a revised production target of October 2022....
...It set out the fee Rio will receive for managing the project as well as the interest rates on the cash Ulan Bator has borrowed to finance its share of the construction costs....
...The 163-page complaint, which contains information from several managers at Oyu Tolgoi, comes as the London-based miner holds face-to-face talks with the government of Mongolia in Ulan Bator over a new financing...
...Located 550km south of the capital Ulan Bator, it contains enough ore to support 100 years of mining. It is 66 per cent owned by Turquoise Hill and 34 per cent by the Mongolian government....
...However, Ulan Bator would seek to improve the terms of the 2015 deal that allowed Rio to push ahead with the underground mine....
...His first was the Mongol Rally, whereby bangers with 1-litre (or less) engines made their way from London to Ulan Bator....
...Ulan Bator has a 34 per cent stake in the mine — the rest is owned by Rio-controlled Turquoise Hill — but it will not receive any dividends from the mine until billions of dollars of loans used to finance...
...There have been conflicting signals from Ulan Bator about the contracts that underpin the underground development....
...“It is a complex project that has required a lot planning, preparation and designing,” said Armando Torres, Oyu Tolgoi’s chief executive, during an interview in Ulan Bator....
...To finance its share of the mine’s development costs Ulan Bator has had to borrow money from a Rio subsidiary. Until that debt is paid off it cannot receive dividends....
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