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    RIO   GB0007188757

RIO TINTO PLC

(RIO)
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Rio Tinto faces FCA probe into $6.75 billion Mongolian mine - FT

07/27/2021 | 02:01pm EDT
FILE PHOTO: The Rio Tinto mine in Boron, California

(Reuters) -Britain's financial watchdog is conducting a probe into Rio Tinto and its $6.75 billion underground copper project in Mongolia's Gobi Desert, the Financial Times reported on Tuesday.

The Financial Conduct Authority (FCA) was investigating whether the Anglo-Australian miner breached listing rules in disclosures about the value of Oyu Tolgoi in 2018 and 2019, the report https://www.ft.com/content/a63f4753-8bfa-4b01-81f7-dd83fd06b3ee added, citing people familiar with the matter.

Rio reached a binding agreement with Turquoise Hill Resources Ltd earlier this year over funding for expansion of the copper-gold mine, whose development has faced cost and timeline blowouts and has caused acrimony between the mining giant and its junior partner.

The expansion of Oyu Tolgoi mine, Rio's biggest copper growth project, has seen costs balloon up to $6.75 billion, about $1.4 billion higher than Rio's estimate in 2016, and has led to friction over funding with Turquoise Hill.

Both FCA and Rio Tinto declined Reuters' requests for comments.

Oyu Tolgoi, one of the world's largest-known copper and gold deposits, is 34% owned by the Mongolian government. The rest is held by Turquoise Hill, in which Rio owns a 50.8% stake.

(Reporting by Indranil Sarkar in Bengaluru; Editing by Krishna Chandra Eluri)


ę Reuters 2021
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Financials (USD)
Sales 2021 65 708 M - -
Net income 2021 23 655 M - -
Net cash 2021 3 432 M - -
P/E ratio 2021 4,63x
Yield 2021 17,0%
Capitalization 110 B 110 B -
EV / Sales 2021 1,62x
EV / Sales 2022 1,98x
Nbr of Employees 47 500
Free-Float 65,3%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 66,66 $
Average target price 82,54 $
Spread / Average Target 23,8%
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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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