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By Syndicated Content By Ernest Scheyder SUPERIOR, Ariz. (Reuters) - Early last year, Darrin Lewis paid $800,000 for a hardware store in a tiny Arizona town where mining giant Rio Tinto Plc hopes to build one of the world's largest underground copper mines. Rio buys materials from Lewis's Superior Hardware & Lumber for its Resolution mine site, accounting for a third of the store's sales and helping to keep it afloat during the coronavirus pandemic. But U.S. President Joe Biden put the mining project on hold last month in response to the concerns of Native Americans who say it wil...

Ceasefire in Rio’s civil war with Turquoise Hill Save Share Rio Tinto and its rebellious subsidiary Turquoise Hill Resources have reached a ceasefire in their dispute over how to fund Mongolia’s $US6.75 billion Oyu Tolgoi mine, after Rio scaled back its equity raising demands. Massive cost and schedule blow-outs on an underground expansion of Oyu Tolgoi had left Turquoise Hill unable to fund completion of the project, which will be one of the world’s top five copper mines if it can get into production as planned. Rio owns 50.79 per cent of Turquoise Hill and declared in Septemb...

Rio Tinto, Turquoise Hill strike funding deal for Oyu Tolgoi The Oyu Tolgoi mine expansion has seen costs balloon to $6.75 billion, about $1.4 billion higher than Rio’s estimate in 2016. ( Rio Tinto (ASX, LON, NYSE: RIO) and its majority-owned Turquoise Hill Resources (TSX, NYSE: TRQ) have reached a deal that ends a standoff between the companies over funding for an expansion of the massive Oyu Tolgoi copper-gold mine in Mongolia. The funding plan addresses the remaining $2.3 billion needed for the underground project, building on and replacing deals set up under a memorandum of understandi...

Surging copper prices are emboldening Rio Tinto’s rebellious copper subsidiary Turquoise Hill Resources to solve its funding problems without an equity raising

CEO Jakob Stausholm said the copper mine expansion would yield a “big win-win” for both the country and the miner.