Agreement reached on a preferred long-term power supply for Oyu Tolgoi
MELBOURNE, Australia--(BUSINESS WIRE)-- Rio Tinto, Turquoise Hill and the Government of Mongolia have reached an agreement on the preferred domestic power solution for Oyu Tolgoi that paves the way for the Government to fund and construct a State Owned Power Plant at Tavan Tolgoi.
The agreement, which is a revision of the Power Source Framework Agreement (PSFA) signed in 2018, states that the Parties will work towards finalising a Power Purchase Agreement by the end of March 2021. In addition, the amended PSFA sets a proposed timetable for development, with construction of the coal-fired power plant set to begin no later than 1 July 2021, and commissioning within four years thereafter.
Oyu Tolgoi currently uses imported power and both the Government of Mongolia and Oyu Tolgoi have committed to extending the current arrangement to ensure continued stable power is supplied to the mine and underground project until the State Owned Power Plant is commissioned and is able to supply stable, reliable and continuous power.
Arnaud Soirat, Copper & Diamonds chief executive, said, “This agreement provides a potential pathway to securing a domestic power supply for the Oyu Tolgoi mine and underground project for the benefit of all shareholders and the wider community. We look forward to working with the Government of Mongolia to progress the solution.”
This announcement is authorised for release to the market by Rio Tinto’s Group Company Secretary.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200628005034/en/
[email protected]
riotinto.com
Follow @RioTinto on Twitter
Media Relations, United Kingdom
Illtud Harri
M +44 7920 503 600
David Outhwaite
T +44 20 7781 1623
M +44 7787 597 493
Media Relations, Americas
Matthew Klar
T +1 514 608 4429
Media Relations, Asia
Grant Donald
T +65 6679 9290
M +65 9722 6028
Media Relations, Australia
Jonathan Rose
T +61 3 9283 3088
M +61 447 028 913
Matt Chambers
T +61 3 9283 3087
M +61 433 525 739
Jesse Riseborough
T +61 8 6211 6013
M +61 436 653 412
Investor Relations, United Kingdom
Menno Sanderse
T: +44 20 7781 1517
M: +44 7825 195 178
David Ovington
T +44 20 7781 2051
M +44 7920 010 978
Investor Relations, Australia
Natalie Worley
T +61 3 9283 3063
M +61 409 210 462
Amar Jambaa
T +61 3 9283 3627
M +61 472 865 948
Group Company Secretary
Steve Allen
Rio Tinto plc
6 St James’s Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000
Registered in England
No. 719885
Joint Company Secretary
Tim Paine
Rio Tinto Limited
Level 7, 360 Collins Street
Melbourne 3000
Australia
T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404
Category: general
Source: Rio Tinto