Anti-corruption body turns eye to Rio Tinto’s Mongolian copper mine

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Oyu Tolgoi has been earmarked as one of Rio Tinto’s most important new growth projects, as the FTSE 100 miner has set aside $5.3bn to fund expansion of the mine.

Located in the sparsely populated southern Gobi desert, Oyu Tolgoi began development in earnest in 2009 and started production four years later. It has been estimated that it could expand Mongolia’s GDP by a third.

The government of Mongolia owns 34pc of the project and Turquoise Hill – which is listed in Toronto with a market cap of £4.7bn – owns the rest. Rio in turn owns 51pc of Turquoise Hill, and is the operator of the mine.

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