The cost of Rio's Mongolian impasse

The deadline for Turquoise Hill's rights issue has been extended, but Rio's stalemate with the Mongolian government over the financing of the Oyu Tolgoi mine needs to be resolved before the project loses significant value.

The rights issue announced by Turquoise Hill to refinance maturing Rio Tinto-provided funding for the giant Oyu Tolgoi copper-gold project says pretty clearly that Rio has yet to resolve the impasse with the Mongolian government over the cost and nature of the $US5 billion underground development of the mine.

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