Rio Tinto Refuses to Renegotiate Copper Mine Stake

Bloomberg reports that mining giant Rio Tinto (ASX:RIO, LSE:RIO) has rejected another request from the Mongolian government to regotiate their position in a $6.2 billion mine that Rio, together with Turquoise Hill Resources Ltd., (TSX:TRQ) plans to start next year.

As quoted in the market report:

Mongolia’s government said last year it wanted to boost its stake in Oyu Tolgoi to 50 percent from 34 percent as well as make changes to royalty payments. Turquoise Hill owns 66 percent of the project in southern Mongolia, with first output expected in the first half of 2013.

To view the full Bloomberg report, click here.