Oyu Tolgoi

Rio Tinto has reportedly agreed a $4.2bn financing deal to expand its Oyu Tolgoi copper mine in South Gobi, Mongolia.

As part of its plans for the $5.4bn Oyu Tolgoi mine expansion, the company will build more than 200km of tunnels to access ores at the deposit during next five to seven years.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Following the expansion, the mine’s lifespan is expected to extend past 2100.

In May, the company reached a deal with the Mongolian Government for the expansion of the underground mine at Oyu Tolgoi.

Rio Tinto Copper and Coal chief executive Jean-Sébastien Jacques had then said: "Our joint announcement reflects tremendous leadership by all parties and paves the way for work to resume on the underground development, which is expected to deliver significant value to shareholders.

See Also:
"Following the expansion, the mine’s lifespan is expected to extend past 2100."

"The resolution of the outstanding issues reinforces the principles of the investment agreement signed in 2009, which underpinned the $6bn invested in Oyu Tolgoi to date, and provides a clear and stable framework for the future."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The combined open-pit and underground mining project Oyu Tolgoi mine is located within the south Gobi Desert, 235km east of the Ömnögovi Province capital Dalanzadgad.

Discovered in 2001, the site is being developed as a joint venture between Turquoise Hill Resources, which is a majority-owned subsidiary of Rio Tinto with 66% ownership and the Government of Mongolia with 34% stake.

The mine began construction as of 2010 and is expected to account for more than 30% of the country’s gross domestic product upon completion.

Image: Number 1 Shaft at Oyu Tolgoi. Photo: courtesy of Brücke-Osteuropa.