SMM8, March 31: the Oyu Tolgoi underground copper project in Mongolia is expected to achieve its first sustainable production between October 2022 and June 2023, Rio Tinto said in a statement on Monday.
The company will complete its final estimate later this year, so the schedule and cost budget for the project are likely to change.
In early July, Rio Tinto said its flagship business growth project, the Oyu Tolgoi underground copper mine in Mongolia, cost as much as $13 billion to $1.8 billion, or $7.1 billion, than expected. According to Arnaud Soirat, chief executive of the company's copper and diamond division, the potential impact of future outbreaks on the project has not yet been taken into account. The project may face production delays of nearly two and a half years, and the first sustainable production time may be delayed by 21-29 months until 2023.
It is reported that the Mongolian government owns a 34 per cent stake in the Oyu Tolgoi project. Rio Tinto is the operator of the project, with 51 per cent of turquoise Mountain Resources holding the remaining 66 per cent.
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