Rio Tinto (NYSE:RIO; LSE: RIO; ASX: RIO) unveiled on Wednesday that underground production from the Oyu Tolgoi copper-gold mine in Mongolia is slated to begin in October 2022, adding that it will come with a price tag of US$6.75 billion.
When it was approved in 2015, Rio Tinto expected the expansion to cost US$5.3 billion and reach first sustainable production in early of 2021.
In 2019, however, the company flagged stability risks associated with the original project design, which translated into as much as an additional US$1.9 billion cost. Expected production was then updated to between October 2022 and July 2023.
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