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Britain's financial regulator is investigating
Rio Tinto and its $6.
75 billion underground copper project in Mongolia's Gobi Desert, the Financial Times reported on Tuesday.
The report quoted people familiar with the matter as saying the Financial Conduct Authority (FCA) is investigating whether the Anglo-Australian mining company breached listing rules
in 2018 and 2019 when it disclosed the value of Oyu Tolgoi, based in Mongolia.
Earlier this year, Rio Tinto reached a binding agreement with Turquoise Hill Resources Ltd over funding to expand the copper-gold mine, which has faced cost and timeline issues for development and caused a dispute
between the mining giant and its junior partners.
The expansion of Rio's largest copper growth project, the Oyu Tolgoi mine, sent costs soaring to $6.
75 billion, about $1.
4 billion higher than Rio Tinto's 2016 estimate, and led to friction
with Turquoise Hill's funding problems.
Oyu Tolgoi is one of the world's largest known copper and gold deposits, with a 34% stake
owned by the Mongolian government.
The rest is held by Turquoise Hill, of which Rio Tinto owns 50.
8% of
the company.
Britain's financial regulator is investigating
Rio Tinto and its $6.
75 billion underground copper project in Mongolia's Gobi Desert, the Financial Times reported on Tuesday.
The report quoted people familiar with the matter as saying the Financial Conduct Authority (FCA) is investigating whether the Anglo-Australian mining company breached listing rules
in 2018 and 2019 when it disclosed the value of Oyu Tolgoi, based in Mongolia.
Earlier this year, Rio Tinto reached a binding agreement with Turquoise Hill Resources Ltd over funding to expand the copper-gold mine, which has faced cost and timeline issues for development and caused a dispute
between the mining giant and its junior partners.
The expansion of Rio's largest copper growth project, the Oyu Tolgoi mine, sent costs soaring to $6.
75 billion, about $1.
4 billion higher than Rio Tinto's 2016 estimate, and led to friction
with Turquoise Hill's funding problems.
Oyu Tolgoi is one of the world's largest known copper and gold deposits, with a 34% stake
owned by the Mongolian government.
The rest is held by Turquoise Hill, of which Rio Tinto owns 50.
8% of
the company.
