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Rio Tinto Suffers $1.4 Billion Cost Blowout at Mongolia Mine Amid a Planned Government Progressive Royalty Scheme
By: International Business Times
Rio Tinto ( RIO ), the second-largest miner in the world, is having problems over rising costs at its Oyu Tolgoi copper mine as well as a planned progressive royalty scheme being introduced.
The cost blowout is estimated at $1.4 billion which would increase the cost of the project's second phase to $5.1 billion, excluding the building of a power station and less production of copper concentrate.
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