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The primary raw material used to make steel, which is strong, long-lasting and cost-efficient
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The lightest of all metals, it is a key element needed for low-carbon technologies
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Tough but malleable, corrosion-resistant and recyclable, and an excellent conductor of heat and transmitter of electricity
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Oyu Tolgoi
One of the most modern, safe and sustainable operations in the world
Simandou Project
The world’s largest untapped high-grade iron ore deposit
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While iron ore is central to our operations in WA, we have a diverse presence across the state, from salt, lithium, our diamond legacy and our promising copper-gold project
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ULAANBAATAR, Mongolia – Rio Tinto and the Government of Mongolia have reached agreement to adjust the shareholder loan interest rate for the Oyu Tolgoi project1, in line with the requirement under the Shareholders Agreement to periodically review the appropriateness of the rate.Rio Tinto and the Government of Mongolia have also agreed to work together to resolve matters relating to the Entrée mine lease areas in a timely manner and bring forward distributions to shareholders.Rio Tinto Copper Chief Executive Katie Jackson said: “This agreement, along with the agreement in principle on management fees reached in May, demonstrates Rio Tinto’s ongoing commitment to the long-term success of Oyu Tolgoi and our partnership with the Government of Mongolia. The adjusted rate reflects a forward-looking assessment of Oyu Tolgoi’s risk profile as the project matures to a lower risk, steady state operation that will achieve its full potential for the benefit of all parties.”The ramp up of production at Oyu Tolgoi remains on track to deliver an average of around 500ktpa2 of copper from 2028 to 2036. As the largest-ever foreign direct investment made in Mongolia, Oyu Tolgoi employs around 17,000 people, 97.8% of which are Mongolian, and has returned $6.1 billion in taxes, fees, and other payments since 2010.
1 Oyu Tolgoi LLC is jointly owned by Rio Tinto, which holds a 66% interest, and the Government of Mongolia, through Erdenes Oyu Tolgoi, which owns 34%.
2 100% basis and stated as recoverable metal.
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Media Relations, United KingdomMatthew KlarM +44 7796 630 637David OuthwaiteM +44 7787 597 493Media Relations, AustraliaMatt ChambersM +61 433 525 739Alyesha AndersonM +61 434 868 118Rachel PupazzoniM +61 438 875 469Bruce TobinM +61 419 103 454Media Relations, CanadaVanessa DamhaM +1 514 715 2152Malika CherryM +1 418 592 7293Media Relations, US & Latin AmericaJesse RiseboroughM +1 202 394 9480Investor Relations, United KingdomRachel ArellanoM +44 7584 609 644David OvingtonM +44 7920 010 978Laura BrooksM +44 7826 942 797Weiwei HuM +44 7825 907 230
Investor Relations, AustraliaTom GallopM +61 439 353 948Eddie Gan-OchM +61 477 599 714
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Category: Oyu Tolgoi