Rio Tinto CEO meets Mongolian PM for 'reset' [Reuters]
Turquoise Hill Resources Ltd. Ordinary Shares (TRQ)
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Source: Reuters
MELBOURNE (Reuters) - Rio Tinto Ltd boss Jakob Stausholm has made his first trip to Mongolia while in the top job to meet Prime Minister Luvsannamsrain Oyun-Erdene as Rio looks to revive a relationship that has soured over the development of a big copper mine. Rio has faced costly delays at the underground expansion of its Oyu Tolgoi project that it has blamed on geotechnical difficulties and COVID-19, angering the Mongolian government and shareholders of developer Turquoise Hill Resources in which Rio has a majority stake. “This week for the first time since becoming Chief Executive, I was able to return to the beautiful wintry country of Mongolia, home to Oyu Tolgoi, the world's largest greenfield underground copper mining project,” Jakob Stausholm said in a post on LinkedIn on Wednesday. As well as meeting with Oyun-Erdene, Stausholm engaged other ministers and members of parliament, “to hear and understand their concerns,” he said. “This was a vital first step in our rela
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