TRQ - Mongolia seeks deal with Rio Tinto to end Oyu Tolgoi expansion - FT

Mongolia's government is seeking an agreement from Rio Tinto ([[RIO]] +1.3%) to terminate a deal to expand the Oyu Tolgoi copper mine, the Financial Times reports.The government has asked Rio if it is prepared to mutually end the underground expansion plan, rather than acting unilaterally and risking future foreign investment, according to the report.The expansion has been delayed by a dispute over funding as the Mongolian government seeks a bigger share of the profits, even as costs have soared to ~$6.75B because of difficult geology.The government owns a 34% stake in the project, while Rio Tinto-controlled Turquoise Hill ([[TRQ]] +3.2%) owns the rest.Last week, Turquoise Hill received a temporary order for urgent interim relief in its arbitration proceedings with Rio over Oyu Tolgoi funding options.

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Mongolia seeks deal with Rio Tinto to end Oyu Tolgoi expansion - FT