The standoff between the Mongolian government and Rio Tinto ( RIO ) is worth $303 million in a planned progressive royalty to be collected on the Oyu Tolgoi copper mine.
The World Bank came up with the figure based on an analysis of the Mongolian government's budget for 2013. While a 2009 deal with Rio fixed the royalty rate at 5 per cent, the Mongolian government wants to renegotiate the rate n a bid to raise 445 billion tugriks to state coffers.
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