Rio Tinto on Tuesday flagged a cost blowout of up to $1.9 billion and a delay of...
- Rio Tinto on Tuesday flagged a cost blowout of up to $1.9 billion and a delay of up to 30 months at its Oyu Tolgoi underground copper mine in Mongolia, the miner’s key growth project.
Rio said the delay stemmed from the project’s challenging geology. It expected to determine the preferred mine design, along with a final estimate of cost in the second half of 2020, and was also reviewing the value of its investment. Rio said first production could be achieved between May 2022 and June 2023, a delay of 16 to 30 months, while the capital cost of the project was estimated at $6.5 billion to $7.2 billion, up from an original estimate of $5.3 billion.
The company shipped 85.4 million tonnes of the steelmaking ingredient in the quarter ended June 30, down from 88.5 million tonnes a year earlier. Brokerage UBS had estimated quarterly shipments of 85.2 million tonnes.
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