The Oyu Tolgoi project is now producing ore from 1.3km below the surface of the Gobi Desert, Rio’s CEO Jakob Stausholm told reporters gathered at the site. The world’s No 2 miner is spending $7-billion on the underground project that’s a cornerstone of the company’s growth plans.
Rio became Mongolia’s biggest foreign investor in 2009, when it struck a 30-year deal to develop Oyu Tolgoi. Surface mining started in 2013, but the more lucrative underground project was log-jammed as lawmakers in the boisterous democracy repeatedly challenged Rio. Claims of foreigners pillaging the country’s mineral wealth dominated election campaigns. Swings in global commodity markets and the Covid-19 pandemic didn’t help either.
The government retains a 36% stake in Oyu Tolgoi, where some 80% of the value lies underground. Many of the world’s open-pit mines are gradually expiring, while quality new resources like this one are getting harder to find.Progress at Oyu Tolgoi is a coup for CEO Stausholm, who replaced Jean-Sebastien Jacques following the 2020 Juukan Gorge scandal in Australia, when Rio blew up ancient Aboriginal rock shelters.
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