Subscribe free to our newsletters via your
. Space Travel News .




TRADE WARS
Mongolia's massive Oyu Tolgoi mine begins copper shipments
by Staff Writers
Ulan Bator, Mongolia (UPI) Jul 9, 2013


Mining giant Rio Tinto's $6.2 billion copper and gold Oyu Tolgoi project in Mongolia has started to ship copper concentrate to customers, the company said.

The first copper concentrate was produced at the mine in January and Rio Tinto had projected commercial output to begin by the end of last month, but the company and the government had disagreements over costs and financing, The Wall Street Journal reports.

Rio Tinto operates and controls Oyu Tolgoi through its majority stake in Turquoise Hill Resources, which owns 66 percent of Oyu Tolgoi and the Mongolian government the remaining 34 per cent. The project, located in the southern Gobi desert near the border with China, is one of the world's five largest copper-gold mines.

"It has taken the vision and hard work of thousands of people to get to this point, where we are starting to convert the rich resources beneath the desert into real wealth and opportunity for all stakeholders, including the Mongolian people," said Rio Tinto Copper chief executive Jean-Sebastien Jacques, in a statement Tuesday.

The project accounts for more than 20 percent of the country's economic activity and is expected to generate $2 million a day in royalties, tax and fees for the Mongolian government, the Financial Times reports.

By the end of June, Rio Tinto had made $1.1 billion in taxes and payments to the Mongolian government, the company said. As of the end of April, the project employed nearly 11,000 Mongolians.

Rio Tinto said that all permits for exporting copper concentrate are in place, along with the required approvals from the Oyu Tolgoi board and authorities for continued concentrate sales.

"Oyu Tolgoi starts production at a time when undeveloped quality copper assets are scarce and the outlook for copper continues to be strong," Jacques said. "With continued development, Oyu Tolgoi will generate wealth for many decades to come."

While Mongolia has vast reserves of copper, gold and coal, development of its mining sector has been hampered by a lack of infrastructure and political uncertainty caused by changing rules for foreign investment. The progress of Oyu Tolgoi is considered a litmus test for how Mongolia's resources will be developed.

Turquoise Hill said in a release Tuesday that the initial sale of about 5,800 tons of concentrate will be sent to customers in China. A convoy carrying approximately 600 tons of concentrate departed from the mine Tuesday, and the remainder would be shipped over the next two weeks.

The average annual production from the site will be 430,000 tons of copper and 425,000 ounces of gold, for 20 years, Rio Tinto says.

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








TRADE WARS
Group wants all ocean-goinWg vessels tracked to close security loophole
Oxford, England (UPI) Jul 8, 2013
All vessels in international waters should be identifiable by a global tracking system to close a "security loophole" on the high seas, a British group says. The Global Ocean Commission, describing itself as an "independent high-level initiative on the future of the ocean," said current technology made the idea feasible and affordable. Unique identification numbers and tracking d ... read more


TRADE WARS
Two Rockets Launched From Wallops

Specialists unrelated to Khrunichev to check Proton-M rocket production

Proton Rocket to Stay in Demand Despite Accidents

Premature launch said likely cause of Russian rocket failure

TRADE WARS
Is Mars mission Indian rocket's silver jubilee flight?

NASA's next Mars rover will advance hunt for past life

Opportunity's Improbable Anniversary

Dry run for the 2020 Mars Mission

TRADE WARS
Scientist says Earth may once have been orbited by two moons

Dust hazard for Moon missions: scientists

NASA Seeks Information on Commercial Robotic Lunar Lander Capabilities

Orbiting astronaut controls robot on Earth, testing feasibility of CU-Boulder project on far side of the moon

TRADE WARS
Kerberos and Styx: Welcome to the Pluto System

New Horizons Team Sticking to Original Flight Plan at Pluto

Planning Accelerates For Pluto Encounter

'Vulcan' wins Pluto moon name vote

TRADE WARS
Hubble Telescope reveals variation between hot extrasolar planet atmospheres

UCSB Astronomer Uncovers The Hidden Identity Of An Exoplanet

Gas-Giant Exoplanets Cling Close to Their Parent Stars

Astronomers Detect Three 'Super-Earths' in Nearby Star's Habitable Zone

TRADE WARS
Indian space agency wants second rocket assembly facility

Dawn's Ion propulsion 10 times more efficient than conventional chemical propulsion

NASA Tests Game Changing Composite Cryogenic Fuel Tank

NASA Commercial Crew Partner SpaceX Completes Two Human-Critical Reviews

TRADE WARS
China's space tracking ship Yuanwang-5 berths at Jakarta for replenishment

China plans to launch Tiangong-2 space lab around 2015

Twilight for Tiangong

China calls for international cooperation in manned space program

TRADE WARS
Comet ISON Brings Holiday Fireworks

Ten Thousandth Near-Earth Object Unearthed in Space

NASA enlists public in hunt for major asteroids

NASA Announces Asteroid Grand Challenge




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement