Rio Tinto and the government of Mongolia postpone the development of Oyu Tolgoi

Rio Tinto, one of the world largest mining companies, and the government of Mongolia have postponed the development of gold-copper deposit Oyu Tolgoi until the agreement and approval of the project by the Mongolian government, is said in a statement of Rio Tinto.

They were about to start the development of the deposit in 2016.

“Rio Tinto took notice from the government of Mongolia informing that the terms of financing of the underground development of Oyu Tolgoi are to be approved by the parliament of the country. At present the Parliament of Mongolia is on summer vacation. The process of final confirmation may take some time,” is said in the press-release of Rio-Tinto.