Rio one step closer to Oyu Tolgoi power deal
PERTH (miningweekly.com) – A power source framework agreement (PSFA) has been signed with the government of Mongolia over the Oyu Tolgoi copper/gold mine, outlining a path to secure reliable, long-term power for the operation.
“We will now work together with all of Oyu Tolgoi’s partners to finalise the details and develop the power project which will help ensure the operation reaches its full potential to the benefit of all shareholders,” Rio Tinto Copper & Diamonds CEO Arnaud Soirat said this week.
The agreement sets out an amended timetable for Oyu Tolgoi to meet its obligation to source power domestically, rather than from its current Chinese sources.
Rio said this week that the 300 MW plant will be majority owned by Oyu Tolgoi and will be situated close to the Tavan Tolgoi coalfields, which has an estimated coal reserve of some six-billion tonnes.
Construction of the plant is scheduled to start in 2020 following extensive studies, with the commissioning of the plant targeted by mid-2023.
The $5.3-billion underground expansion of Oyu Tolgoi would be completed by 2022.
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