Rio Tinto said it expects to win approval from the Mongolian government in the next two weeks to transport copper out of its $6.2 billion Oyu Tolgoi mine, a key project for the company as it reins in spending in other areas.

The opening of the mine hinges on resolving issues over transport and shipping with the government, and discussions were progressing well, Chief Executive Sam Walsh told reporters after Rio Tinto”s annual meeting in Sydney.

“We are still looking for some approvals in relation to exactly how we transport and ship the material….that we expect to receive in the next couple of weeks,” Walsh said.

Progess on Oyu Tolgoi could help offset the impact of disruptions caused by a huge landslide at Rio Tinto”s Bingham Canyon mine in Utah last month. The firm estimated 2013 refined copper production from the U.S. mine would be about 100,000 tonnes less than expected.

The Oyu Tolgoi project, run by Rio Tinto and two-thirds owned by its Turquoise Hill Resources (NYSE: TRQ – news) unit, is a vital source of growth for the company as it looks to ease its hefty dependence on its iron ore business.

The mine is expected to account for more than 30 percent of Mongolia”s gross domestic product, with copper production forecast to reach 450,000 tonnes annually.

Walsh was speaking at his first annual meeting in Australia since taking over as CEO from Tom Albanese, who was dumped in January after the company announced $14 billion in writedowns on its Alcan and Mozambique coal acquisitions.

Rio Chairman Jan du Plessis and Walsh defended the company”s plans to press forward with expansion in iron ore. The world”s No.2 iron or miner expects to reach 290 million tonnes a year capacity by the third quarter of this year.

Capacity is due to expand further to 360 million tonnes a year by the first half of 2015, despite investors clamouring for higher dividends instead of splashing out on mega projects and some analysts suggesting a slowdown in the expansion would shore up iron ore prices and boost Rio”s shares.

“It”s a great asset and we will give the iron ore team the capital they need to develop that further,” du Plessis told shareholders, adding the firm would not be “trapped into underinvesting in iron ore.”

Investors hoping Rio Tinto may change its dividend policy and switch to a 60-80 percent payout of profits, rather than a steadily increasing dividend, found no joy at the meeting.

Du Plessis said while it was “not an open and shut case”, Rio Tinto was in good company with other major miners all sticking to their policy of paying a steady increase in dividends rather than a fixed payout ratio.

“For the moment that is our policy. I don”t believe that policy”s going to change,” he said.

Rio Tinto”s shares fell 1.2 percent in a flat broader market.