On May 18, 2015, the Government of Mongolia, Rio Tinto and the Rio Tinto subsidiary, Turquoise Hill Resources, reached agreement on development of the underground phase of the Oyu Tolgoi mining project. The agreement, termed the “Oyu Tolgoi Underground Mine Development and Finance Plan,” sets the stage for future development and investment by Rio Tinto in Oyu Tolgoi, one of the world’s largest copper mines. In addition, the agreement is both a signal of the Government of Mongolia’s interest in attracting new investment as well as a potential catalyst for significant foreign direct investment in the resource-rich country.
View memo, Agreement Between Mongolia and Rio Tinto Opens Door to Future Mining Projects, Economic Growth
