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Rio and Mongolia agree to replace $7bn plan to expand copper mine

New leaders to work out deal to better share rising project costs

ULAANBAATAR -- After weeks of escalating tensions and leadership turmoil, Mongolia and Rio Tinto have agreed to work out a new arrangement to finance the costly expansion of the vast Oyu Tolgoi copper mine, Nikkei Asia has learned.

The rising cost of the new underground phase of the mine, one of the world's biggest copper deposits, played a role in bringing down both Mongolia's previous prime minister and Rio's last chief executive. This appears to have helped set the stage for changing the terms of how the two co-owners of the project will share the expense.

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