Rio Tinto Group will resume talks with Mongolia this month to resolve concerns that spending at their jointly owned Oyu Tolgoi mining project is overshooting and the country isn’t benefiting enough from the development.
Ivanhoe Mines Ltd. founder and Chief Executive Officer Robert Friedland said Rio Tinto Group released “unauthorized and incomplete” information about Oyu Tolgoi, the Mongolian mine they’re jointly developing.
China’s copper demand will probably grow more than 8 percent annually in the next five years as the country uses more of the metal to develop its power infrastructure, Rio Tinto Group’s head of copper said.
Copper rose for the third time this week as the outlook for demand brightened with improved economic growth in China, the world’s biggest user of the metal, and speculation that Japan will expand stimulus measures.
Rio Tinto Group said that potential changes by Mongolia to an investment accord that at present gives partner Ivanhoe Mines Ltd. control of one of the world’s largest copper mines will alarm investors.