Rio Tinto Oyu Tolgoi Mine Gets at Least $3 Billion Bank Pledges

Rio Tinto Group’s $4 billion project financing to fund the Oyu Tolgoi mine in Mongolia has received pledges of at least $3 billion from banks, according to three people familiar with the matter.

The world’s second-largest miner has attracted about 10 banks to commit at least $300 million each, the people said. In Rio Tinto’s request for proposals, lenders were invited to join with pledges of $150 million to $300 million, the people said, asking not to be identified because the details are private.