StockMarketWire.com - Mining company Rio Tinto said it had reached an agreement with the government of Mongolia on a new source of domestic power for its Oyu Tolgoi copper and gold mine there.
The agreement paved the way for the government to fund and construct a power plant at Tavan Tolgoi, the company said.
It also stated that the parties would work towards finalising a power purchase agreement by the end of March 2021.
Construction of a coal-fired power plant would begin no later than 1 July 2021, with commissioning within four years thereafter.
Oyu Tolgoi currently used imported power.
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