Rio Tinto halts Oyu Tolgoi

Miner delays funding, work on underground mine on govt financing delay.

Rio Tinto Ltd has stopped work on the underground development of its $US6.2 billion Oyu Tolgoi mining project after being told its financing agreement with the Mongolian government needed a parliamentary seal of approval, in the latest delay to hit the troubled venture.

Rio said the Mongolian government had told it provisional project financing had to be approved by parliament - which is currently in recess - and the process "may take some time to work through".

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