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.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Surge in home buyers using unsecured credit for down payments | BusinessThe steep interest rate hiking cycle by the SA Reserve Bank and elevated inflation have eroded affordability, making it difficult for buyers to save enough for a down payment on a home - and more are turning to unsecured lending as a source. Inflation is worse than covid Why buy, why want fixed assets in SA? Value is hardly going to appreciated. Rent someone else's bad decisions. MbuyiseniNdlozi That is exactly the point. Erode savings of the Black masses. Nogqawuse2.0
Source: News24 - 🏆 4. / 80 Read more »

Man arrested after hijacking of business with fake court documentsThe arrest of a Pakistani man who was granted urgent interim court orders to take control of multimillion-rand businesses based on allegedly falsified documents has exposed a “concerning” loophole in the Gauteng high court's online case filing system. Where's Barry White? Sleeping with cupcake, as usual. & Pretoria central magistrate Court gave Bushir a bail where's he today our courts are soft when coming to foreigners
Source: TimesLIVE - 🏆 28. / 59 Read more »

WATCH | A billion dollar startup wants to bring back the Dodo | BusinessA biotech start-up wants to bring back the dodo and two other extinct animals. | News24_Business
Source: News24 - 🏆 4. / 80 Read more »

World's biggest oil producer Saudi Aramco reports 'record' $161 billion profit for 2022 | BusinessSaudi Aramco said on Sunday it achieved 'record' profits totalling $161.1 billion (about R3 trillion) last year, highlighting how a surge in oil prices after Russia invaded Ukraine spurred growth in the world's biggest crude exporter. | News24_Business _Business In other words. 'We increased prices on purpose to exploit the situation and make record profits' _Business One man’s meat is another man’s poison 😅🤷🏽‍♂️ _Business inflation 👇🏾👇🏾🤬🤬🤬 'net income for 2022 was up 46% from $110 billion in 2021.'
Source: News24 - 🏆 4. / 80 Read more »