RIO IN DEAL WITH MONGOLIA ON OYU TOLGOI MINE

The Anglo-Australian miner said late on Monday that it had signed a plan with the government of Mongolia on the long-delayed development of the underground phase of the Oyu Tolgoi mine, reports mining correspondent James Wilson.

Few details were given but Rio said the OT development had taken a "significant step forward". The company has previously been reluctant to acknowledge any progress on a deal with Mongolia to build the underground phase of the mine.

Rio has already invested $6bn in Mongolia but the company has been wrangling with the government over how to split the profits of, and pay for, the larger underground phase.

Monday