Ulaanbaatar, Mongolia – Following a Board meeting today, the Communications department of Oyu Tolgoi LLC announced that the work plan and the budget for 2011 has been approved by its Board of Directors. US$ 2.6 billion is budgeted to be spent on the project in 2011.
The first ore from the concentrator is now scheduled for August 2012 and first sales revenues are expected in March 2013.
Chairman of the Oyu Tolgoi LLC Board, Batsukh Galsan said, “The Board meeting today approved the budget for 2011, ensuring that we will be able to deliver the project ahead of the original schedule.”
About Oyu Tolgoi LLC (www.ot.mn)
Oyu Tolgoi LLC, Mongolia's largest copper and gold mining company, is a strategic partnership between the Government of Mongolia, Turquoise Hill Resources and Rio Tinto. Located in the South Gobi, Oyu Tolgoi commenced shipment of product to customers in July 2013. Oyu Tolgoi is managed by Rio Tinto, which is investing global expertise and cutting-edge technology to help develop Mongolia’s mining industry and ensure Oyu Tolgoi is one of the world’s most advanced mines. For Oyu Tolgoi, nothing matters more than safety. The business operates under the principle that if a job cannot be done safely, it will not be done at all.