The Conversation (0)
Mineweb reported that Rio Tinto (NYSE:RIO) has committed to spending $5 million a year to help resolve conflicts with nomadic herders and water problems that have obstructed the expansion of the copper mine in Mongolia’s South Gobi desert.
Mineweb reported that Rio Tinto (NYSE:RIO) has committed to spending $5 million a year to help resolve conflicts with nomadic herders and water problems that have obstructed the expansion of the copper mine in Mongolia’s South Gobi desert.
As quoted in the market news,
The 30-year agreement, signed with the province of South Gobi and local towns, is a strong sign the company remains committed to the next stage of the Oyu Tolgoi project, put on hold nearly two years ago amid disputes with the government.
Disputes with the government over tax and construction costs and long-running nationalistic concerns have prevented the construction of an underground mine that Rio says will unlock 80 percent of the copper wealth at the project.