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Rio Tinto mulling construction of new power plant in Mongolia

Rio Tinto said it was considering building a new power plant with partners in Mongolia for the Oyu Tolgoi project, following a government decision to cancel an agreement to build a power facility itself.

The government's decision to terminate the Southern Region Power Sector Cooperation Agreement indicated it no longer viewed the Tavan Tolgoi power project as a viable option for Oyu Tolgoi, Rio Tinto said.

'As a result, and in line with the terms of the 2009 investment agreement, Oyu Tolgoi is now obliged to deliver a domestic power source for the operation within four years,' the miner added.

The cost and means of financing construction of a new power plant would be finalised between shareholders.

Rio Tinto said it would continue to review its capex forecasts for the project, but had already earmarked $250m a year for the development of a power station in Mongolia in its 2019 and 2020 capex forecasts.

At 8:15am: (LON:RIO) Rio Tinto PLC share price was +17p at 4142.5p

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