Business
Rio Tinto, Mongolia to replace Oyu Tolgoi expansion plan – MINING.COM – MINING.com
News of the agreement comes as the Australian Taxation Office has hit the miner with a new $317 million bill.
The announcement also showed that Mongolia could not expect to start receiving dividends from its 34% ownership of the mine in 2032 as originally expected. Rather, it fuelled fears that the country would not receive any dividend before Oyu Tolgois reserves were depleted.
This prompted the Asian nation to ask Rio Tinto and its majority-owned Turquoise Hill (TSX, NYSE: TRQ) to revisit the economic benefits the expansion will bring to the states coffers or face a potential cancellation of the deal.
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