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Mongolia to 'carefully review' financing offer from Rio Tinto

Officials warn $6.8bn Oyu Tolgoi expansion talks could take several years

Rio Tinto has offered to waive interest on its loan to Mongolia to finance its share of the costs for the underground phase of Oyu Tolgoi, a government official said. (Courtesy Turquoise Hill Resources)

ULAANBAATAR -- Mongolian officials said on Tuesday that they will "carefully review" a new plan from Rio Tinto for financing the costly expansion of the vast Oyu Tolgoi copper mine -- intimating that it could take years to reach agreement.

The rising cost of the new underground phase of the mine, now pegged at $6.8 billion, played a part in bringing down both Mongolia's previous prime minister and Rio's last chief executive.

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