Mongolia Should Get More Control of Rio Mine, President Says

Mongolia’s President Tsakhia Elbegdorj said the nation should have more control of Rio Tinto Group’s Oyu Tolgoi copper and gold project after the government said costs had increased.

The total cost of the Rio Tinto-operated development in southern Mongolia has jumped to $24.4 billion, according to an e-mailed statement from the government, which gave a summary of a Feb. 1 parliamentary discussion attended by the president. London-based Rio had earlier estimated total costs at $14.6 billion, according to the statement.