Oyu Tolgoi Power Agreement

The facility is expected to be commissioned in mid-2023, just after the 2022 deadline, after the government denounced a previous electricity deal in February. In addition, the amended PSFA sets a development schedule, with construction of the coal-fired power plant beginning no later than July 2021 and commissioning within four years. Once completed, this will provide stable, reliable and continuous power for the project, which will be the third largest copper mine in the world when underground mining is developed. Oyu Tolgoi is currently using imported energy and the Government of Mongolia and Oyu Tolgoi have committed to extending the current agreement to ensure that the mine and basement project is supplied in a stable and underground manner until the public power plant is commissioned and the ability to provide stable, reliable and continuous power supply. „At the same time, the successful supply of electricity is no longer under the control of the joint venture, which could increase operational risks,“ Sterck wrote. Rio Tinto has reached an agreement with its partners Oyu Tolgoi under which the Government of Mongolia will finance and build a fund for the copper-gold project. The mining giant said in a statement that it would amend its current energy supply agreement with the Mongolian government by March 2021, under which the government will begin building the coal-fired power plant by July 2021. Currently, Oyu Tolgoi uses imported energy, an agreement that the Mongolian government and Rio Tinto have committed to expand to ensure that the project remains stable in electricity until the plant is built. Arnaud Soirat, Chief Executive Officer of Copper and Diamonds, said: „This agreement offers a potential way to ensure a domestic power supply for the Oyu Tolgoi mine and the underground project for the benefit of all shareholders and the wider community.

We look forward to working with the Government of Mongolia to advance the solution. The new agreement is a revision of the initial power source framework agreement (PSFA) signed in 2018. Rio, its subsidiary Turquoise Hill Resources (TSX, NYSE:TRQ) and the Mongolian government will work to provide sustainable electricity by the end of March 2021. The agreement, which is a revision of the Framework Agreement on Electricity Sources (PSFA) signed in 2018, stipulates that the parties would work towards an electricity supply agreement by the end of March 2021, Major Rio Tinto said at the weekend. The statement said the partners would also look at ways to integrate the use of renewable energy. The company expects the facility to be commissioned over the next four years. In the meantime, the electricity supply to the mine and the underground project, originating in China, will continue under current conditions, Rio said. MONTREAL, June 28, 2020 /PRNewswire/ – Turquoise Hill Resources announced today that the Government of Mongolia and Oyu Tolgoi LLC have reached an agreement to prioritize a public power plant (SOPP) to support the government`s decision, which was adopted by the cabinet in April 2020 as an internal energy solution for the Oyu Tolgoi mine in Mongolia.

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