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Rio Tinto and Mongolia settle feud over Oyu Tolgoi copper mine

Deal marks a positive development for Anglo-Australian mining giant

The Oyu Tolgoi mine in Mongolia's South Gobi region. Mongolia owns 34% of what is one of the world's largest-known copper and gold deposits, with Rio controlling the rest.   © Reuters

Rio Tinto Plc and the Mongolian government said on Tuesday they have reached an agreement to end a long-running dispute over the $6.93 billion expansion project for the Oyu Tolgoi copper-gold mining project.

The deal marks a positive development for the Anglo-Australian mining giant, which is reeling from Serbia's rejection last week of its proposed lithium mine as well as local opposition to projects in Guinea, the United States and elsewhere.

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