Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion.

Oyu Tolgoi is expected to produce 480,000 t/y of copper on average from 2028 to 2036 from the openpit and underground, compared with 146,300 t/y in 2019 from the openpit. It is expected to be the fourth largest copper mine in the world by 2030.