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    RIO   GB0007188757

RIO TINTO PLC

(RIO)
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Delayed Quote. Delayed London Stock Exchange - 11/30 11:36:37 am
4650 GBX   +0.57%
11/30London copper rises as Omicron concerns ease
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Rio Tinto : Turquoise Hill raises funding estimate for Mongolia mine by $1.2 billion

10/14/2021 | 06:28pm EST

(Reuters) - Canadian miner Turquoise Hill Resources Ltd said on Thursday the estimated additional funding required for the Oyu Tolgoi mine in Mongolia was now $1.2 billion higher than previously expected due to some delays.

Oyu Tolgoi, one of the world's largest copper-gold-silver mines, was at the center of a long-running funding spat between Rio Tinto, and Turquoise.

Costs for expansions at the mine have ballooned over time and caused friction between the two companies. The Mongolian government holds a 34% stake in the Oyu Tolgoi project with Rio's majority-owned Turquoise owning the rest.

Delays in underground mining as well as open-pit metal deferring have caused an increase in estimated incremental funding requirement to $3.6 billion from the $2.4 billion expected in July.

Metal production from open-pit mining is expected to be delayed to beyond 2024, the company said, partly due to on-going impacts of on-site COVID-19 curbs that has resulted in delayed waste movement.

Underground development progress was also hit by the COVID-19 constraints on-site and in Mongolia, Turquoise Hill added.

The company also said its copper production rose 16% to 41,935 tonnes in the third quarter from a year ago, while gold more than tripled to 130,799 ounces.

It also said copper and gold production guidance for 2021 remains within the ranges of 150,000 to 180,000 tonnes and 400,000 to 480,000 ounces respectively.

(Reporting by Ruhi Soni in Bengaluru; Editing by Shailesh Kuber)


ę Reuters 2021
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Financials (USD)
Sales 2021 62 427 M - -
Net income 2021 21 760 M - -
Net cash 2021 2 887 M - -
P/E ratio 2021 4,55x
Yield 2021 17,0%
Capitalization 101 B 101 B -
EV / Sales 2021 1,57x
EV / Sales 2022 2,01x
Nbr of Employees 47 500
Free-Float 65,3%
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Mean consensus HOLD
Number of Analysts 23
Last Close Price 61,32 $
Average target price 70,88 $
Spread / Average Target 15,6%
EPS Revisions
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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