Rio Tinto at the end of June plans to start copper export to Mongolia

Representatives of RIO Tinto informed the media that it plans to start the export of copper from the OU Tolga mine in the amount of 6.2 billion US dollars to Mongolia after the final coordination of this issue with the government. Journalists were invited to the mine to the ceremony to commemorate the first export of copper and gold mined here a week later than previously expected.

Mr. Norov Altanhuag, Prime Minister of Mongolia, said that the event was postponed due to disagreements between the government on the question that Rio Tinto wants to receive all income from export to Mongolia. This issue was still resolved, as reported to reporters. The agreement, which regulates the project of the Tolga Rio Tinto, gives the company freedom in the use of export revenue at its discretion.

Given that the company's accounts in Mongolia were temporarily frozen at the beginning of this year, there would be no attractive option. Rio Tinto, the mine operator, refused to comment on this issue on Friday. At the same time, its subsidiary, Turquoise Hill Resources Ltd, owns 66 percent of the shares of the mine together with the Mongol government, which owns the remaining share.

Rio Tinto has been manufactured by Tolga for several months and sets itself the goal of starting exports by the end of June. However, Rio Tinto will not be able to export until disputes with the Government of Mongolia for licensing payments, expenses, payment for management and financing of projects are resolved.