Rio Tinto sets up new exploration office in Mongolia

Oyundelger 2018-01-22 08:01

Mining

Rio Tinto will set up a new office in the Mongolian capital of Ulaanbaatar, separate from its Oyu Tolgoi mine division, to focus on exploration and building local ties.

Rio Tinto sets up new exploration office in Mongolia. Rio Tinto will set up a new office in the Mongolian capital of Ulaanbaatar, separate from its Oyu Tolgoi mine division, to focus on exploration and building local ties. The new office, which will expand to 80 staff this year, will support the company’s exploration program and local services units, as well as focus on growing relationships. Rio Tinto operates the Oyu Tolgoi copper and gold mine, which is jointly owned by the government of Mongolia, with 34 percent, and Turquoise Hill Resources with 66 percent. The company had invested more than $7 billion in Mongolia since 2010, including salaries, supplier payments, investment in the community, and $1.5 billion in taxes, royalties and other payments to the government.  Earlier this month, Oyu Tolgoi said it was evaluating a bill for about $155 million from Mongolia’s tax authority following an audit of payments made between 2013 and 2015.  Munkhtushig Dul has been appointed as Rio Tinto’s country director and will lead the new Rio Tinto office. Oyu Tolgoi is expected to produce 125,000 to 155,000 tons of copper and 240,000 to 280,000 ounces of gold in concentrates in 2018.