Rio Tinto (NYSE: RIO) Runs into Trouble
Founded in 1873 with just a small cluster of mines in Spain, Rio Tinto (NYSE: RIO) has grown to span the globe. “Most of our assets are in Australia and North America, but we also operate in Europe, South America, Asia and Africa,” the company’s website informs. “Our businesses include open pit and underground mines, mills, refineries and smelters as well as a number of research and service facilities.”
One of its newest projects, scheduled to enter commercial production in the middle of this year, is the Oyu Tolgoi copper and gold operation located in the Gobi Desert of Mongolia.
“The mine is currently estimated to contain around 25 million economically viable tonnes of copper,” the company boasts, “and is expected to last for more than 50 years.”
Although commercial production at Oyu Tolgoi has not yet started, the headaches have. Despite the company’s heavy investments in the region, the Mongolian government wants more.