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Economy / Featured News / Mining / Mongolia News / August 11, 2015

Oyu Tolgoi Underground Development

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The future success of the Oyu Tolgoi copper and gold mega-project is the underground development; for this to go ahead the underground Feasibility Study needs to be updated and approved and approximately US$4 billion in project financing must be secured.

Turquoise Hill Resources (a majority owned subsidiary of Rio-Tinto and the 66% owner of Oyu Tolgoi) , is optimistic that the required project financing will be found by the end of 2015 and the signing of the Underground Phase with go ahead. The 2015 Oyu Tolgoi Feasibility Study, was submitted to the Mongolian Minerals Council (the MMC) in March 2015, and has been provisionally accepted pending an update of schedules and alignment with the Underground Plan. This update is scheduled for resubmission to the MMC next month.

Prior to the final approval of the project by the boards of Turquoise Hill, Rio Tinto and Oyu Tolgoi, an update to the capital estimate is to be clarified and finalized in parallel with other pre-start activities. The preferred engineering, procurement and construction management contractor has been engaged to complete this work along with some specific detailed engineering which needs to be concluded in advance.

SOURCE: News.mn




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