Metals

Rio Tinto starts underground production at Oyu Tolgoi

CBCIE Time:Mar 14, 2023 09:48 Source:mining

Rio Tinto on Monday said it has begun underground production at its massive Oyu Tolgoi copper mine in Mongolia.

Since the agreement between the Government of Mongolia and Rio Tinto in January 2022 to reset the relationship and move the Oyu Tolgoi underground project forward, 30 drawbells have been blasted and copper is now being produced from the underground mine.

Oyu Tolgoi is expected to become the fourth-largest copper mine in the world by 2030, operating in the first quartile of the copper equivalent cost curve, Rio said.

The Oyu Tolgoi project is now producing ore from 1.3 kilometers below the surface of the Gobi Desert, Rio’s chief executive officer Jakob Stausholm told reporters gathered at the site. Rio Tinto is spending $7 billion on the underground project.

“It’s not been a smooth ride, let’s be honest about that,” said Stausholm, referring to the mine’s long and troubled journey as lawmakers in Mongolia repeatedly sought better terms.

The mine is expected to produce around 500,000 tonnes of copper per year, on average, from 2028 to 2036. Open pit mining at Oyu Tolgoi has been operational since 2011.

Last year, Rio Tinto completed its long drawn-out acquisition of the remaining 49% stake in Turquoise Hill Resources, which owned part of the Mongolian mine.

The acquisition gave Rio Tinto a 66% stake in the mine, which has the world’s largest known copper and gold deposit. The Mongolian government holds the remaining 34%.

All articles, pictures, reports and other original works on the website that are attributed to CBCIE are non-public information, only for members. No one may reproduce or otherwise use the original content of this website without our permission. If you need to use it, please call
+86 18135172048 to apply for authorisation. CBCIE reserves the right to pursue any infringement and citation contrary to the original intent.

Disclaimer:CBCIE is committed to building a comprehensive and authoritative metal information platform, and strives to provide a full range of data and information services and decision-making support for metal industry researchers and practitioners. However, the information on this website is for reference only and is not intended as direct advice for investors' decision-making. Any investment, purchase, sale or operation based on the information on this website should be at your own risk and is not related to CBCIE.

CBC Copper Product Navigation

Key Products

Copper Concentrate

Copper Powder

Copper Tube

Copper Rod

Copper Strip

Reference Quotation

Copper Customs Import and Export

Contact us

Contact us for more CBC information and services.

Get in touch
CBC专家咨询 关闭
close
WeCom

CS Manager:
Zizhen Zhang

+86 18135172048