July 3, 2020 / 12:05 AM / a month ago

Rio Tinto says schedule, costs at Oyu Tolgoi within earlier estimates

July 3 (Reuters) - Rio Tinto said on Friday that schedule and cost estimates for its Oyu Tolgoi project in Mongolia were in line with its earlier forecasts after completing an updated feasibility study for a new design in the mine.

However, the global miner cut the estimated reserves that it would mine at Oyu Tolgoi as it had to redesign its mine plan to deal with underground stability issues, and warned there could be further changes to reserves as it continues work on the design.

In July last year, Rio estimated the capital cost of the underground copper project at $6.5 billion to $7.2 billion, and said first production could be achieved between May 2022 and June 2023. (Reporting by Sameer Manekar in Bengaluru; editing by Richard Pullin)

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