Rio Tinto’s $6.7bn Oyu Tolgoi expansion to begin in 2022
Rio Tinto has said the underground expansion of Oyu Tolgoi is its most important growth project (
Rio Tinto (ASX, LON, NYSE:RIO) unveiled on Wednesday that underground production from the Oyu Tolgoi copper-gold mine in Mongolia is slated to begin in October 2022, adding that it will come with a price tag of $6.75 billion.
When it was approved in 2015, Rio expected the expansion to cost $5.3 billion and reach its first sustainable production in early 2021.
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Last year, however, the company flagged stability risks associated with the original project design, which translated into as much as an additional $1.9 billion cost. Expected production was then moved to between October 2022 and July 2023.