RIO - Odey warns Rio Tinto over troubled Oyu Tolgoi mine

Rio Tinto ([[RIO]] -2.8%) shareholder Odey Asset Management criticizes the miner's management of Turquoise Hill ([[TRQ]] -8.8%) and the Oyu Tolgoi mine in Mongolia and warns a $8.9B (£6.6B) rights issue might be needed to get the project back on track.Odey - which has a long position in Rio and a short position in Turquoise Hill - accuses Rio of holding the "people of Mongolia... accountable for Turquoise Hill's failings" and calls the Mongolian government's $7B equity stake in the mine "worthless."The firm says Rio unnecessarily failed to trigger clauses set out in the financing support agreement, which has caused a "false market to form" in the trading of Turquoise Hill's shares, given the market "inaccurately represents the reality of the situation."Odey says it is "appropriate and fair" for Rio to address its concerns around the fairness of the financing package surrounding Oyu Tolgoi and the sustainability of agreements with

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Odey warns Rio Tinto over troubled Oyu Tolgoi mine