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Mongolian court validates Rio Tinto's Oyu Tolgoi investment deals

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Mongolian court validates Rio Tinto's Oyu Tolgoi investment deals

The Administrative Court of First Instance in Mongolia validated Rio Tinto's 2015 investment agreements over the Oyu Tolgoi copper mine expansion, contrary to what the mining giant flagged in November, The Australian Financial Review reported Dec. 6, citing a statement from the court's official website.

The company had said earlier that reports indicated that the court favored a claim that the government did not follow due process in finalizing the deals.

The report said that the court's assurance supported legal clauses under the deal, which stated that any disputes should be brought to the London Court of International Arbitration.

The Mongolian parliament earlier suggested changes to the agreement, including the replacement of a 34% interest with a special royalty and fast-tracking the date the country starts receiving dividends, as the project faces cost and schedule blowouts.

Rio Tinto's 51%-owned Turquoise Hill Resources Ltd. owns a 66% stake in Oyu Tolgoi.