Rio Tinto Sees Oyu Tolgoi Sustainable Underground Output by Oct 2022
16 December 2020 - 7:05PM
Dow Jones News
By Jaime Llinares Taboada
Rio Tinto PLC said Wednesday that it expects to achieve
sustainable production from its Oyu Tolgoi underground copper
project in Mongolia by October 2022.
The FTSE 100 mining company said development capital is
estimated at $6.75 billion. The project aims to turn Oyu Tolgoi
into the world's fourth-largest copper mine by building an
underground operation that complements the open pit.
The site produced 146,300 metric tons of copper in 2019, and Rio
Tinto expects it will produce 480,000 tons a year on average from
2028 to 2036, the company said. The Panel 0 of the project is
expected to achieve production by October 2022, but Panels 1 and 2
are required to ramp up underground output further, and they are
subject to further studies, it said.
Rio Tinto has a 50.8% interest in Turquoise Hill Resources,
which owns 66% of Oyu Tolgoi.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
December 16, 2020 02:50 ET (07:50 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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