• EKSPLORASI.ID
  • MONETER.ID
  • BANTEN.CO
Selasa, Oktober 7, 2025
  • Login
EKSPLORASI.ID
  • HOME
  • BERITA
  • INDEPTH
  • RAGAM
  • ENGLISH NEWS
  • OPINI
  • VIDEO
  • FOTO
  • INFOGRAFIS
  • INDEKS
No Result
View All Result
  • HOME
  • BERITA
  • INDEPTH
  • RAGAM
  • ENGLISH NEWS
  • OPINI
  • VIDEO
  • FOTO
  • INFOGRAFIS
  • INDEKS
No Result
View All Result
EKSPLORASI.ID
No Result
View All Result
Home ENGLISH NEWS

Rio CEO Says Mongolia Won’t Receive Mine Dividend for 10 Years

by Eksplorasi.id
9 Oktober 2016
in ENGLISH NEWS
0
Rio CEO Says Mongolia Won’t Receive Mine Dividend for 10 Years

Rio Tinto | Credit : Specials.

0
SHARES
45
VIEWS
Share on WhatsappShare on Facebook

Eksplorasi.id – Rio Tinto Group said Mongolia won’t receive any dividend from the giant Oyu Tolgoi mine for 10 years as the world’s second-biggest mining company prioritizes completing a $5.3 billion underground expansion.

Rio Tinto | Photos : Specials
Rio Tinto | Photos : Specials

Oyu Tolgoi, which at its peak will be one of the top five copper mines in the world, is partly owned by the government and Turquoise Hill Resources Ltd., which is majority controlled by Rio. In the past, Rio has said the project, the biggest in the country’s mining history, could account for about one-third of Mongolia’s gross domestic product.

“We shouldn’t forget that Oyu Tolgoi is a long-term project,” Jean-Sebastien Jacques, Rio’s chief executive officer, said in an interview with Bloomberg Television Mongolia in Ulaanbaatar on Thursday. “It will take us five years to build the infrastructure and seven to nine years to ramp it up.”

“Until we get to a steady state, which is clearly 10 years down the road, we will not pay a dividend to anybody,” he said.
Rio reported net earnings of $53 million from Oyu Tolgoi in the first half of this year. Mongolia owes Turquoise Hill about $1 billion, Jacques said.

Rio and Mongolia have been embroiled in various disputes since the miner took control of the project in 2010. When Jacques was previously head of the copper unit, he was able to diffuse much of the tension after inviting former Prime Minister Chimediin Saikhanbileg to his west London home. The gesture helped pave the way for a crucial $4.4 billion financing accord last year to fund the underground expansion.

Rio’s board has been in the country this week visiting the mine located about 340 miles (547 kilometers) south of Ulaanbaatar and 50 miles north of the border with China. Jacques said he had met with new Prime Minister Erdenebat Jargaltulga in the city earlier this week.

“We had a very open conversation on where we are in relation to our joint project,” he said. Construction of the underground expansion is “well underway” and about 1,600 people are working on the project, he added. Staffing is expected to reach 2,400 by year-end.

Copper

Frustrated voters swept the Democratic Party from power in June, giving the Mongolian People’s Party an overwhelming mandate to address the deterioration of the economy. This month, the country requested assistance from the International Monetary Fund to help it deal with an economic crisis stemming from a downturn in mining since 2011.

Following the change of power, the government recently ousted three board members at the state-owned mining company that helped steer Oyu Tolgoi out of the long-standing dispute between Rio and the government.

Last December, Rio said it paid a total of $1.3 billion in taxes, fees and other payments to the government of Mongolia. In 2015, taxes to the country were $278 million. Rio has been shipping concentrates by road to customers, mostly in China, since 2013. The mine is expected to be in operation for more than 75 years.

Turquoise Hill Resources Ltd. owns 66 percent of the Oyu Tolgoi deposit. Mongolia’s state-owned Erdenes Oyu Tolgoi LLC holds the share of the mine not owned by Turquoise Hill. Rio owns 51 percent of Turquoise Hill.

Source : Bloomberg

Tags: headlineMiningMongoliaOyu TolgoiRio Tinto
Eksplorasi.id

Eksplorasi.id

Next Post
France’s AMR Seeks Rights for $200 Million Guinea Bauxite Mine

France’s AMR Seeks Rights for $200 Million Guinea Bauxite Mine

Tinggalkan Balasan Batalkan balasan

Alamat email Anda tidak akan dipublikasikan. Ruas yang wajib ditandai *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Harga Elpiji Dunia Turun, Elpiji di Indonesia Tetap

Dishuttamben: Stok Elpiji Gorontalo Aman

9 tahun ago
Rencana PLN Akuisisi PGE Dipertanyakan DPR

PLN Raih Pinjaman dari Sindikasi Hingga Rp 12 Triliun

9 tahun ago

Sering Dibaca

  • Menyigi Kedekatan Massa Manik dan Grup Danatama

    Menyigi Kedekatan Massa Manik dan Grup Danatama

    0 shares
    Share 0 Tweet 0
  • Potensi Uranium Indonesia 77 Ribu Ton, Bisa Penuhi Kebutuhan Listrik 40 Tahun

    0 shares
    Share 0 Tweet 0
  • Berikut Ini Empat Masalah Besar yang Dihadapi Pertamina

    0 shares
    Share 0 Tweet 0
  • Ironi Kalteng, Kaya Batubara Tapi Listrik Sering Mati

    0 shares
    Share 0 Tweet 0
  • Ini Data Lokasi Pengeboran Minyak Ilegal di Banyuasin

    0 shares
    Share 0 Tweet 0

RSS Moneter.id

  • Oona Insurance Indonesia Hadirkan Asuransi Penumpang Bagi Pengguna Taksi Listrik Green SM 7 Oktober 2025
  • JTPE Perkuat Penjualan Melalui Ekspor Paspor 7 Oktober 2025
  • Perkuat Portofolio Sektor Infrastruktur Industri & Logistik, Astra Property Selesaikan Akuisisi MMP 7 Oktober 2025
  • UmrahCash dan VIDA Hadirkan Solusi Aman & Praktis 6 Oktober 2025
  • Ini Inovasi Perfect Corp Ubah Cara Konsumen Temukan Sepatu Idaman secara Online 6 Oktober 2025
  • Pasar Apartemen Jakarta Tetap Stabil di Tengah Perlambatan Musiman 6 Oktober 2025
  • Logitech Perkenalkan Keyboard Mekanis Logitech Alto Keys K98M 6 Oktober 2025
  • GIIAS Hadirkan Informasi dan Inovasi Otomotif Terbaru Bagi Pelajar dan Mahasiswa Lewat Education Day 3 Oktober 2025
  • Resmi Dibuka, Deretan Merek dan Kendaraan Terbaru Ramaikan Pameran GIIAS Bandung 2025 3 Oktober 2025
  • Citi Indonesia Dinobatkan sebagai ‘Best Performance Bank’ di Bisnis Indonesia Financial Awards 2025 2 Oktober 2025
EKSPLORASI.ID

© 2020 Eksplorasi.id - REFERENSI BERITA ENERGI

Navigate Site

  • REDAKSI
  • KETENTUAN LAYANAN
  • PEDOMAN SIBER
  • HUBUNGI KAMI

Follow Us

No Result
View All Result
  • HOME
  • BERITA
  • INDEPTH
  • RAGAM
  • ENGLISH NEWS
  • OPINI
  • VIDEO
  • FOTO
  • INFOGRAFIS
  • INDEKS

© 2020 Eksplorasi.id - REFERENSI BERITA ENERGI

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In