Loading ...Rio Tinto (ASX, LON, NYSE: RIO) will cancel a $2.3 billion debt owed by Mongolia as part of the government’s share of the development costs for the giant Oyu Tolgoi copper-gold mine, the country’s prime minister said.
According to a letter from the company to Prime Minister Oyun-Erdene Luvsannamsrai , posted on Mongolia’s government website, Rio Tinto has agreed to write off the debt, conduct an independent audit into the financing of the project’s underground expansion and improve governance.