Mongolia has asked Rio Tinto, its partner in the huge Oyu Tolgoi copper and gold mine in the Gobi desert, not to further increase its estimated $7.06 billion budget for the project's expansion, its mining minister told Reuters. The two partners have only just ended a long-running tussle over the underground expansion of the mine, which is behind schedule and over budget, with Rio last year agreeing to waive $2.4 billion in debt owed to it by the government and commit to a structure that did not require additional loan financing. "The government has asked Rio Tinto to not increase the budget," J. Ganbaatar, the minister for mining and heavy industries, told Reuters on Jan. 16 in a video interview.
BHP Group has signed a deal with Canada's Mundoro Capital to explore for copper in Serbia, part of a global hunt for new mineral deposits to power the green energy boom. The agreement offers BHP the option to take a stake in three exploration areas that Mundoro holds in Serbia's Timok mining region, to the country's east. Mundoro is a Canadian listed mining investment company that focuses on generating revenue from royalties.
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