Ulaanbaatar
OT Underground Development to start next June
Economy | MiningUlaanbaatar /MONTSAME/ The Mineral Resources Council has received the updated version of the feasibility study for 2015 of Oyu Tolgoi LLC. The feasibility study of the underground mine development will be reviewed soon, says the Ministry of Mining.
According to the sources, the third member from the Mongolian side to the Board of Directors of Oyu Tolgoi LLC will be appointed next month. As reflected in the renewed schedule of the feasibility study, the desktop studies of Tavan Tolgoi power plant and copper smelter will be conducted in September, and by December, the required funding of six billion will be raised.The underground development works are expected to commence in June, 2016, as the Board of Oyu Tolgoi, Turquoise Hill Resources and Rio Tinto will finalize the documents in April.
In accordance with the Underground Development Plan that has been signed last May, investment of 6.8 billion USD will be made, of which 4.7 billion will be dedicated to the mine development works, while the rest will be dedicated to operational costs and taxes, informs the Turquoise Hill Resources.
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