Bloomberg reported that Rio Tinto is considering shutting down production temporarily at its Mongolian Oyu Tolgoi copper and gold project, because the government is demanding a greater share of the mine’s profits.
As quoted in the market report:
The London-based company is discussing the suspension to protest the central Asian nation’s demands for a bigger stake in the project and new mining royalty rates, said the people, who asked not to be identified because they aren’t authorized to comment publicly. A suspension of work, which may halt mining and processing, isn’t certain and is among options that managers are discussing in London, one of the people said.
|Otis Gold Corp. (TSXV:OOO) is a near-term producer with an NI 43-101 resource 520,000 ounces of drill-indicated gold at its Kilgore Project in Idaho. Work is scheduled to begin soon at the North Target area of the Kilgore Gold Project. Connect with Otis Gold Corp and never miss a catalyst.|