Rio Tinto, Mongolia Reach Breakthrough on Oyu Tolgoi Mine
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Mongolia and Rio Tinto Group settled their dispute over the $5.4 billion underground expansion of the Oyu Tolgoi copper and gold mine, ending two years of often bitter negotiations and giving a major boost to the economy.
The deal, signed in Dubai at a midnight ceremony, opens a “new page in history” for Mongolia, Prime Minister Saikhanbileg Chimed said in a statement. “Now it’s very clear. Mongolia is open again.”