Power supply deal agreed for Oyu Tolgoi

RNS Number : 3077Q

Rio Tinto PLC

05 November 2012

 



Power supply deal agreed for Oyu Tolgoi

5 November 2012

Oyu Tolgoi has signed a binding agreement with a Chinese power company for the supply of electricity to the nearly-completed copper and gold mine in Mongolia.

Within the next few weeks, Oyu Tolgoi will start a seven-week commissioning of the ore-processing equipment. First concentrate production will follow within one month and the commencement of commercial production is expected three to five months thereafter.

Rio Tinto Copper chief executive Andrew Harding said "This agreement means we are on track to bring the first phase of the world-class Oyu Tolgoi mine into production in the first half of 2013. When fully developed it will be a top-five copper producer with significant gold production.

"Rio Tinto and its partners have invested almost US$6 billion in this vast project, completing it in only 28 months. We have trained and employed thousands of Mongolians and Oyu Tolgoi will be a vital contributor to Mongolia's economic development."

Oyu Tolgoi has built a power line from the mine to the town of Khanbogd, which will provide the community with access to around-the-clock electricity for the first time.

About Rio Tinto

Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.

Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, thermal and metallurgical coal, uranium, gold, industrial minerals (borax, titanium dioxide and salt) and iron ore. Activities span the world and are strongly represented in Australia and North America with significant businesses in Asia, Europe, Africa and South America.

 

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