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Real Economy News in Real Time
R/€ = 20.02 Change: -0.37
R/$ = 18.01 Change: -0.40
Au 1626.15 $/oz Change: 4.67
Pt 741.50 $/oz Change: -6.05
 
 
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Rio submits power plans for Oyu Tolgoi

18th February 2020 BY: Esmarie Iannucci
Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Major Rio Tinto has submitted a feasibility study for the Tavan Tolgoi power plant (TTPP) project, to the government of Mongolia, as part of its electricity solution for the Oyu Tolgoi copper project.

The TTPP project will involve the construction of a 300 MW coal power plant, with Rio on Tuesday telling shareholders that the company was also in consultation with the government of Mongolia to progress alternative options to source more domestic power, including a renewable power component.

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The TTPP is expected to cost around $924-million to construct, and this cost has already been included in Rio’s capital expenditure guidance of $7-billion for 2020 and $6.5-billion for 2021 and 2022.

“Rio Tinto, Turquoise Hill and the government of Mongolia are all committed to secure a reliable and long-term domestic power source for the Oyu Tolgoi mine and are working together to achieve this,” said Rio copper and diamonds CEO Arnaud Soirat.

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Rio owns a 50.8% interest Turquoise Hill Resources, which, in turn, holds a 66% interest in the Oyu Tolgoi asset, with the balance of the project held by the government of Mongolia. 

EDITED BY: Creamer Media Reporter
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