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    RIO   GB0007188757

RIO TINTO PLC

(RIO)
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Delayed London Stock Exchange  -  05/24 11:35:24 am EDT
5541.00 GBX   -0.38%
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Rio Tinto, Oyu Tolgoi Partners Reach Agreements to Advance Copper Project

01/24/2022 | 06:33pm EDT

By Rhiannon Hoyle


Rio Tinto PLC said it has reached agreements with Turquoise Hill Resources Ltd. and Mongolia's government on the Oyu Tolgoi copper mine expansion in South Gobi desert that have led the partners to approve the start of underground operations.

Under the agreements, Turquoise Hill will waive a $2.4 billion loan to Mongolia's Erdenes Oyu Tolgoi, while Rio Tinto and Turquoise Hill have also promised improved cooperation with the state-owned company on the copper-mining operation, Rio Tinto said. The world's No. 2 miner by market value said the partners have agreed on measures to monitor underground development financing mechanisms and enhance environmental, social and governance matters, while also approving a new electricity supply agreement.

Rio Tinto said it now expects first sustainable output from Oyu Tolgoi's underground project in the first half of 2023, unlocking the most valuable part of the mine.


Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com


(END) Dow Jones Newswires

01-24-22 1833ET

Stocks mentioned in the article
ChangeLast1st jan.
RIO TINTO PLC -0.38% 5541 Delayed Quote.13.70%
SILVER 1.18% 22.001 Delayed Quote.-6.42%
TURQUOISE HILL RESOURCES LTD. -0.17% 35.48 Delayed Quote.70.67%
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Financials (USD)
Sales 2022 59 820 M - -
Net income 2022 19 265 M - -
Net cash 2022 2 623 M - -
P/E ratio 2022 6,05x
Yield 2022 12,7%
Capitalization 116 B 116 B -
EV / Sales 2022 1,90x
EV / Sales 2023 2,15x
Nbr of Employees 49 000
Free-Float 65,4%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 69,93 $
Average target price 79,48 $
Spread / Average Target 13,7%
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Managers and Directors
Jakob Stausholm Chief Executive Officer & Executive Director
Peter Lloyd Cunningham Chief Financial Officer & Executive Director
Dominic S. Barton Chairman
Mark Davies Chief Technical Officer
Arnaud Soirat Chief Operating Officer
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