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Rio Tinto reaches agreement to develop Oyu Tolgoi copper mine in Mongolia

Reuters - UK Focus

SYDNEY, May 19 (Reuters) - Global miner Rio Tinto (Xetra: 855018 - news) said on Tuesday an agreement has been reached to develop the Oyu Tolgoi copper mine in Mongolia.

The Mongolian government, Turquoise Hill Resources (Toronto: IVN.TO - news) and Rio Tinto reached an agreement regarding shareholder issues and setting out an agreed basis for funding the project, the global miner said.

Before the development can begin, Rio Tinto said, the project will need to finalise financing, conduct a feasibility study and secure all necessary permits. (Reporting by Colin Packham; Editing by Chris Reese)