Rio Tinto in search of next Oyu Tolgoi in Mongolia
Mining giant Rio Tinto and its Canadian affiliate Turquoise Hill are once again exploring Mongolia’s metals-rich Gobi desert, following the country’s renewed efforts to attract foreign investment.
Last month, the landlocked country bordering China and Russia decided to open more than one-fifth of its territory for mining exploration, hoping to shore up its finances following an International Monetary Fund-led bailout.
Since 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.
Mongolia also revoked a controversial banking law that would have required companies including Rio Tinto — the country’s biggest investor — to funnel all sales revenues from foreign investment projects through local banks and proposed the wider exploration area.
“I can confirm that we have an exploration drilling programme in licenses outside of the Oyu Tolgoi licenses,” Turquoise Hill spokesperson Tony Shaffer told Reuters Tuesday. The Rio-controlled firm holds a 66% stake in the Oyu Tolgoi project. The Mongolian government owns the rest.
While Oyu Tolgoi is the country’s highest profile mining operation, Mongolia hosts a number of other copper, gold and coal mines and projects, including Canada’s Erdene Resource Development , the company that literally struck gold earlier this year after finding its new gold project was richer than previously thought.
Australian explorer Xanadu Mines is also among the established companies in Mongolia, with its underway Kharmagtai copper-gold project, south-east of Ulaanbaatar, returning exceptional results in the first months of this year.
- Terra Balcanica extends its polymetallic footprint with positive drill exploration in its flagship project in Bosnia
- St Charles Resources said it reached a final agreement to acquire Bulgaria-based private mining business Eastern Resources
- Europe, Can mining ever be green?
- Russia, Eligdar reports record gold production in 2022
- The exploitation of Portugal’s mineral resources
- Lydian, Amulsar Gold and a viable mining industry in Armenia
- GeoProMining Gold indirectly confirms its involvement in corrupt deal with Armenian government
- Jadar Lithium in Serbia gets four exploration licenses
- Conroy Gold and Anglo Asian Mining to open modern gold mine in Ireland by 2030
- Who are the main players in the ore exploration business in Serbia
- Romania bail out from Ukraine Krivoy Rog Mining Oxidized Ore project investment
- Lydian files BIT notice in relation to Armenian mining project that has been blocked
- Polish ZGH Boleslav accused of polluting Montenegro rivers from its lead zinc mine Suplja Stijena
- Lithium and rare earth elements discovered in Mongolia Khuut mine
- Polymetal takes over Armenia Kapan gold mine from Dundee