Business
Class action against Rio Tinto over Oyu Tolgoi escalates – MINING.COM – MINING.com
US hedge fund’s lawsuit claims the miner concealed the true cause of the mine expansion delays, which Rio had largely blamed on the site’s geology.
The document cites defective Chinese steel, incompetent engineering and poor procurement as some of the true reasons behind the mine expansions massive cost increase and delays.
The new claim expands upon the initial class action lodged late last year, which accused Rio of being too slow in telling investors of the cost and schedule blowouts.
Both Rio Tinto and Turquoise Hill have largely blamed the setbacks to the late realization that the projects geology was weaker than first thought and needing…
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