Business Maverick: Rio Tinto digs deep as prized $7bn copper mine finally delivers

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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