Rio CEO Says Mongolia Won’t Receive Mine Dividend for 10 Years
- $5.3 billion mine expansion at Oyu Tolgoi has started: CEO
- Mine will need to be profitable before paying dividends
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Rio Tinto Group said Mongolia won’t receive any dividend from the giant Oyu Tolgoi mine for 10 years as the world’s second-biggest mining company prioritizes completing a $5.3 billion underground expansion.
Oyu Tolgoi, which at its peak will be one of the top five copper mines in the world, is partly owned by the government and Turquoise Hill Resources Ltd., which is majority controlled by Rio. In the past, Rio has said the project, the biggest in the country’s mining history, could account for about one-third of Mongolia’s gross domestic product.