Oyu Tolgoi has started shipping copper concentrate to customers from its copper and gold mine in Mongolia. The shipping of concentrate is the culmination of a three-year, $6.2 billion project to build the first phase of one of the world’s top five copper mines. Rio Tinto Copper Chief Executive Jean-Sebastien Jacques said “It has taken the vision and hard work of thousands of people to get to this point, where we are starting to convert the rich resources beneath the desert into real wealth and opportunity for all stakeholders, including the Mongolian people. Oyu Tolgoi starts production at a time when undeveloped quality copper assets are scarce and the outlook for copper continues to be strong.
“With continued development, Oyu Tolgoi will generate wealth for many decades to come.”
All permits for exporting copper concentrate are in place, together with Oyu Tolgoi Board approvals, and authorities required for continued concentrate sales.
Oyu Tolgoi is owned by Turquoise Hill Resources (66%) and Erdenes Oyu Tolgoi (34%). Erdenes Oyu Tolgoi is wholly owned by the Government of Mongolia. Rio Tinto holds a 51% share of Turquoise Hill Resources.
Average annual production over 20 years from open pit and underground mine (development subject to Board approvals):
• Copper 430,000 t
• Gold 425,000 oz
Mine facts
• The copper concentrator is the largest industrial plant ever built in Mongolia. It contains enough steel (23,098 t) to build three Eiffel Towers and enough cable (581 km) to stretch from the mine to Ulaanbaatar
• The open pit mine will be deep enough to stack the Great Pyramid of Giza on top of itself four times
• The deepest underground shaft is eight times deeper than the English Channel
• The overland ore conveyer is the same length as the Golden Gate Bridge
Economic benefits
• $1.1 billion – taxes and payments to the Government of Mongolia through June 2013
• $1.1 billion – products and services purchased from Mongolian supplier companies in 2010-2012
