Mongolia Reportedly Seeks to Renegotiate Loan Agreement with Rio Tinto for Oyu Tolgoi Copper-Gold Mine

Deep News03-10

According to reports, the Mongolian government is seeking to renegotiate a loan agreement with Rio Tinto PLC. The loan funds were previously used to cover Mongolia's contribution share for the construction of the massive Oyu Tolgoi copper-gold mine.

The report states that the state-owned mining company Erdenes Mongol LLC holds a 34% stake in the Oyu Tolgoi project. The Mongolian government aims to lower the loan's interest rate and reduce the annual management fee charged by Rio Tinto as the mine's operator.

It is reported that Mongolian Prime Minister Luvsannamsrain Oyun-Erdene and Rio Tinto's copper business chief, Katie Jackson, are scheduled to meet this week to discuss the commercial terms of the joint venture.

A Rio Tinto spokesperson stated in an email declaration, "We are engaged in positive discussions with the Government of Mongolia. These talks reflect our ongoing commitment to working together to fully realize the potential of the Oyu Tolgoi project for the benefit of all partners."

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