LONDON (Yosefardi) – Giant miner Rio Tinto Plc has started the shipment of copper concentrate from its US$6 billion Oyu Tolgoi project in Mongolia.
“Oyu Tolgoi starts production at a time when undeveloped quality copper assets are scarce and the outlook for copper continues to be strong. With continued development, Oyu Tolgoi will generate wealth for many decades to come,” said Jean-Sebastien Jacques, CEO of Rio Tinto Copper in a statement to Yosefardi.biz today.
Oyu Tolgoi is owned by Turquoise Hill Resources (66 per cent) and Erdenes Oyu Tolgoi (34 per cent). Erdenes Oyu Tolgoi is wholly owned by the Government of Mongolia. Rio Tinto holds a 51 per cent share of Turquoise Hill Resources.
The mine will produce 430,000 tones of copper ore and 425,000 ounces of gold per annum for over 20 years. Rio Tinto claims the project has paid US$1.1 billion of taxes and payments to the government of Mongolia through June 2013.