Mongolia Near Mine Funding Pact With Rio Tinto, Official Says

Mongolia and Rio Tinto Group are days away from resolving a protracted dispute over development of one of the world’s largest copper and gold deposits, according to a board member at the company managing the mine.

Development of the Oyu Tolgoi mine has been held up for more than 18 months due to a tax dispute, cost overruns and shareholder conflicts between the two parties. An agreement will unleash $4.2 billion to develop the underground section of the mine, where 80 percent of Oyu Tolgoi’s wealth lies.