Mongolia considers terminating, replacing plan to develop Oyu Tolgoi copper mine

Jan 11 (Reuters) - The Government of Mongolia is considering terminating and replacing the development and financial plan for the Oyu Tolgoi copper mine in the country, Rio Tinto-controlled Turquoise Hill Resources said on Monday.

The government has advised Rio Tinto it is dissatisfied with the miner’s plans to achieve production from the Oyu Tolgoi copper mine in the country for development capital of $6.75 billion, Turquoise Hill Resources said.

Oyu Tolgoi is one of the world’s largest-known copper and gold deposits, located in the South Gobi region of Mongolia. The Mongolian government holds a 34% stake in the project and Rio-controlled Turquoise Hill owns the rest.

Reporting by Arathy S Nair in Bengaluru