Rio Tinto chief executive Jakob Stausholm has agreed to waive $2.4 billion of debt owed by the Mongolian government under a deal to put a key growth project, the Oyu Tolgoi copper mine expansion, back on track, The Sydney Morning Herald reported.
In an effort to achieve a “full relationship reset” following a years-long dispute over Rio Tinto’s problem-plagued $6.9 billion project in the Gobi Desert, the Anglo-Australian mining giant, its subsidiary Turquoise Hill Resources and the government of Mongolia this week formalised an agreement to move the project forward and increase the value it delivers for Mongolia, the report said.
Read the full report: Sydney Morning Herald.
This report was updated on January 25, 2022 with a new photo.
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