By Rhiannon Hoyle
SYDNEY--Rio Tinto PLC said long-running negotiations over a
planned underground mine at Oyu Tolgoi in Mongolia had ended with
an agreement among the project's shareholders to advance the
development.
The deal was signed by Rio Tinto, the Mongolian government and
Turquoise Hill Resources Ltd., a Canada-listed company 50.8% owned
by Rio that owns most of Oyu Tolgoi.
The Ango-Australian miner described the agreement, which it said
addresses important shareholder issues and funding arrangements, as
"a significant step forward" for the project.
"With a new pathway to development of the underground mine
agreed, the focus now shifts to finalizing the project finance, the
feasibility study and securing all necessary permits so that the
underground mine development can proceed," Rio Tinto said in a
regulatory filing Tuesday.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires