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Msg  12348 of 12497  at  7/19/2019 11:26:18 AM  by

marpincan


Two horses asses facing off!


  Stink bid going lower.
 

Rio Tinto hit by criticism as Mongolia seeks changes in mine deal

|About: Rio Tinto Group (RIO)|By:, SA News Editor

Mongolia's parliament is set to approve binding recommendations that would rip up parts of an investment agreement with Rio Tinto (RIO +0.6%) for the Oyu Tolgoi copper mine, which may force the miner to make concessions.

The government owns 34% of the mine, Mongolia's biggest foreign investment project, but lawmakers claim delays and cost overruns have meant it has run up more debt from the project than income.

The recommendations demand more transparency from Rio on copper prices for exports from the mine and insist the company bring forward the date when Mongolia starts receiving dividends from Oyu Tolgoi, currently set at 2041 when the country's debt from the project is repaid.

The recommendations follow Rio's announcement earlier this week that it discovered "stability risks" in Oyu Tolgoi's design, and full production was now expected to begin between May 2022 and June 2023, more than a year behind schedule, with costs to soar by as much as $1.9B.

 


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Msg # Subject Author Recs Date Posted
12349 Re: Two horses asses facing off! marpincan 0 7/19/2019 11:33:52 AM


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