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Rio Tinto to raise $500 mln to develop Oyu Tolgoi mine

Sept 10 (Reuters) - Rio Tinto said on Thursday it plans to raise up to $500 million through additional lending to develop its giant Oyu Tolgoi copper mine in Mongolia.

The Mongolian state has a 34% stake in the Oyu Tolgoi project, while Rio’s majority-owned Turquoise Hill Resources Ltd owns the remaining.

Rio and Turquoise Hill will jointly pursue the reprofiling process by engaging with existing project finance lenders, and expect a reduction of up to $1.4 billion in the funding requirements for Oyu Tolgoi. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shounak Dasgupta)

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