Rio Rejects Mongolia Request to Renegotiate Copper Mine Deal
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Rio Tinto Group, the world’s second-biggest mining company, rejected a renewed request by Mongolia to renegotiate a 2009 deal over a $6.2 billion mine that Rio plans to start next year.
The Minister of Mining sent a letter requesting amendment of the investment agreement that became effective in March 2010, Vancouver-based Turquoise Hill Resources Ltd., Rio’s partner in the Oyu Tolgoi copper and gold mine, said yesterday in a statement. “Rio Tinto is fully aligned with Turquoise Hill’s position,” said Illtud Harri, a Rio spokesman. London-based Rio owns 51 percent of Turquoise Hill, formerly Ivanhoe Mines Ltd.