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RIO TINTO GROUP

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Rio Tinto : ready to cut rates on loans to Mongolia for Oyu Tolgoi development - FT

08/30/2021 | 08:26am EDT
FILE PHOTO: Mining trucks are seen at the Oyu Tolgoi mine in Mongolia's South Gobi region

(Reuters) - Global miner Rio Tinto is willing to cut interest rates on loans to the Mongolian government, given to fund its share of the construction costs at the Oyu Tolgoi copper-gold mine, the Financial Times reported on Monday.

In exchange for the cuts, Rio wants several regulatory and budgetary issues resolved and a long-term power agreement for Oyu Tolgoi, the FT reported https://www.ft.com/content/9e3e015e-113b-4be7-a51e-1b00cab85201, citing a letter from Rio Tinto to Mongolia's prime minister last week.

Earlier this month, an independent review of cost overruns at the project had suggested that they were not caused by geology issues, and had raised "certain questions in relation to the project management process".

Rio and Turquoise Hill Resources in April reached an agreement over funding to expand the mine. The mine is 34%-owned by the Mongolian government with the rest held by Turquoise Hill, in which Rio owns a 50.8% stake.

(Reporting by Soumyajit Saha in Bengaluru; Editing by Vinay Dwivedi)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
RIO TINTO GROUP -0.91% 99.6 End-of-day quote.-12.50%
RIO TINTO PLC -1.43% 5038 Delayed Quote.-7.90%
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Financials (USD)
Sales 2021 63 305 M - -
Net income 2021 22 419 M - -
Net cash 2021 2 258 M - -
P/E ratio 2021 4,96x
Yield 2021 15,6%
Capitalization 114 B 114 B -
EV / Sales 2021 1,76x
EV / Sales 2022 2,21x
Nbr of Employees 47 500
Free-Float 65,3%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 69,27 $
Average target price 75,78 $
Spread / Average Target 9,40%
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Managers and Directors
Jakob Stausholm Chief Executive Officer & Executive Director
Peter Lloyd Cunningham Chief Financial Officer & Executive Director
Simon Robert Thompson Chairman
Arnaud Soirat Chief Operating Officer
Megan Clark Independent Non-Executive Director
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