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18

Mongolia and Rio Tinto in Deal to Build Copper Mine

By Tony Seruga

SYDNEY — Mongolia and Rio Tinto have reached an agreement paving the way for work to resume on a delayed $5 billion underground copper mine that is expected to underpin the growth prospects of both the country and the global miner.

The Oyu Tolgoi project, which started producing from a $6.5 billion open pit mine two years ago, is the biggest single foreign investment in Mongolia and has long been seen as a bellwether of the country’s openness to foreign investment…

Mongolia and Rio Tinto in Deal to Build Copper Mine

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