US raises serious concerns over Oyu Tolgoi’s environmental, social impact
World number two miner Rio Tinto has suffered another setback at Oyu Tolgoi in Mongolia after the US refused to vote on World Bank funding to expand the massive copper-gold project in Mongolia.
See the US GOvernment’s comments at
Ten banks to back up Rio Tinto’s Oyu Tolgoi
At least ten banks have committed close to $300 million each to back up Rio Tinto’s massive copper-gold Oyu Tolgoi mine in Mongolia, Bloomberg is reporting based on information from unnamed insiders. The news comes on the heels of a battle for control of the $6.6 billion controversial project between the world’s second largest mining company and the government of Mongolia. The parties announced yesterday they will meet on March 20 for further tough negotiations over the future of Oyu Tolgoi.
See also Rio Tinto Oyu Tolgoi Mine Gets at Least $3 Billion Bank Pledges,
Mongolia seeks investors for plant to power Oyu Tolgoi
Mongolia is seeking international investors to help fund a coal-fired thermal plant in the Gobi Desert to power its biggest infrastructure project, the Oyu Tolgoi copper and gold mine.