Mongolia calls on Rio Tinto to keep budget for giant copper mine in check. mining miningnews
from an original estimate of $5.3 billion in 2016, raising friction over funding.
The minister added that he expects first production from the underground mine by mid-2023 as scheduled. The facility, Rio’s biggest copper growth project, began open-pit mining in 2011. Mongolia is trying to promote more foreign investment after poor governance of its state-owned mining companies left Ulaanbaatar saddled with billions of dollars of debt.
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