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Company Rio Tinto started exporting copper concentrate from Mongolia

11 July 2013
Company Rio Tinto started exporting copper concentrate from Mongolia

As representatives of the company «Rio Tinto», the organization

start exporting copper from the Mongolian field «Oyu Tolgoi». According to

analysts, this may mean the establishment of relations between the current

the government of the Mongolian Republic and the owners of the Australian-British Corporation

after the current President of the Central Asian country was re-elected

for the next term.

It is known that the mine «Oyu Tolgoi» is a leader in

management plans for the Rio Tinto new to mining company

minerals and programs for reducing dependence on raw materials from purchase

ore, which today covers more than 80% of gross profit

of the Corporation. In addition, the field «Oyu Tolgoi» is also very important for

economy of Mongolia, after all, according to experts, it can provide about

third of the current GDP at the peak of their operational capacity, which

is expected in 2020. The income from the Deposit — according to

representatives of the Australian-British concern, the country will not receive

a decade: Jean-Sebastian Jacques — the General Director of the copper

unit «Rio Tinto», in your recent statement said that, with the right

development, «Oyu Tolgoi» will bring a stable income for many future

generations of inhabitants of the country.

Earlier media reported that the obtaining of copper concentrate

«Oyu Tolgoi» company «Rio Tinto» started in January of this year, and

the beginning of commercial development of the site, the organization has planned for

the end of the first half of 2013 (if you will allow some

outstanding issues with the Mongolian leadership). The ceremony of sending the first batch

copper concentrate was appointed on June 21, but the shipment has been cancelled (for

the day before the event) the decision of the government of Mongolia. Meanwhile, the authorities of the Republic

and representatives of the company «Rio Tinto» for several months working on

the settlement of disputes in the field of costs of financing, and, according to

experts, recently the leadership of Mongolia, the question was raised about banking contracts

«Oyu Tolgoi».

As follows from recent statements by Jean-Sebastian Jacques, on

today his company has received all permits and approval

the Board of Directors of «Oyu Tolgoi» (which includes representatives of the management

country) for subsequent export of copper concentrate.

Recall: a division of Rio Tinto — «Turquoise Hill

Resources Ltd.» — owns two thirds of the shares of «Oyu Tolgoi», the rest of the papers

owned by the government of Mongolia. Tsakhiagiin Elbegdorj — President —

the end of last month was re-elected for the next term, is estimated

political analysts — supposed to mean the coming of political stability in Mongolia (as

it is expected that now the government will be able to resolve issues in the field of mining

industry and foreign investment). In «Rio Tinto» we hope that these

the event will help the company to ship copper concentrate from Mongolian assets

sufficient quantity and without interruption.

10 July 2013
16 July 2013