Rio Tinto Secures Power Supply Agreement for Oyu Tolgoi Mine

Rio Tinto Ltd announced on Monday its agreement with Mongolia to provide power to its Oyu Tolgoi copper-gold mine using a state-owned coal-fired power plant at Tavan Tolgoi. With the Mongolian government holding a 34% stake and Rio’s Turquoise Hill Resources with a 66% stake, the collaboration involves amending the current power supply agreement by March 2021, with construction of the coal-fired power plant slated to begin by July 2021. The plant, intended to support Oyu Tolgoi’s power needs, is anticipated to be operational within the next four years. Until then, power supply to the mine and underground project will continue as per the existing terms.