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Oyu Tolgoi to start recording revenue as customs dispute is resolved

21st October 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – A dispute between Chinese customs officials and customers of mining major Rio Tinto's Oyu Tolgoi mine, which had delayed shipments from the massive Mongolian mine, had been resolved, Vancouver-based Turquoise Hill Resources reported on Monday.

This means that the mine would now begin to record revenue.

Oyu Tolgoi's customers had been engaged with Chinese customs officials and received the necessary approvals allowing them to collect bought concentrate, resulting in a convoy carrying concentrate departing from the Chinese-border warehouse on Saturday.

Customers’ withdrawal of concentrate from the warehouse was expected to ramp up quickly.

During this time, production at the giant mine was not impacted and concentrate shipments were expected to align with production rates by the end of the year.

Turquoise Hill expected Oyu Tolgoi to produce between 75 000 t and 85 000 t of copper in concentrates for 2013.

The TSX- and NYSE-listed company operates the $6-billion mine and is 66% owned by Rio Tinto.

Edited by Creamer Media Reporter

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