Rio Tinto starts new exploration in Gobi desert

Oyundelger 2017-06-21 06:06

Mining

Rio Tinto and its Canadian affiliate Turquoise Hill are exploring Mongolia’s metals-rich Gobi desert, following the country’s renewed efforts to attract foreign investment.

Rio Tinto starts new exploration in Gobi desert. Rio Tinto and its Canadian affiliate Turquoise Hill are exploring Mongolia’s metals-rich Gobi desert, following the country’s renewed efforts to attract foreign investment. Last month, Mongolia decided to open more than one-fifth of its territory for mining exploration, to shore up its finances following an International Monetary Fund-led bailout. As mining accounts for around 25% of Mongolia’s GDP and more than 80% of exports, experts believe that increasing mining exploration could potentially raise the Asian nation’s GDP and economic security. "I can confirm that we have an exploration drilling programme in licenses outside of the Oyu Tolgoi licenses," told Turquoise Hill spokesperson Tony Shaffer at Reuters. Oyu Tolgoi's revenues rose 5.7 per cent year-on-year in the first quarter of the year, on the back of higher prices and copper concentrate sales.