Australian miner Rio Tinto has been forced to slash forecasts for the amount of copper it hopes to extract in the expansion of Mongolia’s giant Oyu Tolgoi mine after redrawing the design plans due to rock instability risks.

Rio Tinto’s updated

Turquoise Hill Resources Ltd said on Thursday (2 July) that it has decided to defer further discussions on any interim funding arrangements with Rio Tinto for its Mongolian copper project.

The Mongolian state owns 34% in the Oyu Tolgoi copper project,

The European Bank for Reconstruction and Development (EBRD) has been active in Mongolia for 14 years and has supported over 100 projects to help the nation. The bank has announced a three-fold support package for Erdenet, Mongolia’s second-largest municipality:

EBRD

Earlier today (2 July), the Asian Development Bank (ADB) and the Government of Mongolia signed three projects to lessen the socioeconomic impacts of the coronavirus (COVID-19) pandemic on poor and vulnerable groups in Mongolia, to help support Mongolia’s post-pandemic recovery

At a meeting held on 26 of June 2020, the Monetary Policy Committee decided to:

1) Keep the policy rate unchanged, considering the current macroeconomic and financial market developments, their prospects, and uncertainties in the domestic and external environment;

2) Reduce remuneration

Rio Tinto has been spared from footing the bill for a US$1bn coal-fired power station in Mongolia, where the miner is developing a huge underground copper deposit in the Gobi Desert.

The Anglo-Australian group said on Monday that a government-built plant

Ulaanbaatar City Bank has been merged with the Trade and Development Bank of Mongolia (TDB) with its entire active, passive assets and sectors. The Central Bank of Mongolia (aka Mongol Bank) gave approval of consolidation of two banks on 23

Mongolia coal seam gas pioneer Elixir Energy has signed its first offtake agreement with one of the country’s largest fuel retailers to build a small-scale liquified natural gas (LNG) plant to supply the large truck fleet hauling coal to China.