TRQ - Rio Tinto probed by U.K. watchdog over Mongolia mine disclosures - FT

The U.K.'s Financial Conduct Authority is investigating Rio Tinto ([[RIO]] -3.4%) to determine whether the company breached listing rules in disclosures about the value of its Oyu Tolgoi copper project in Mongolia in 2018-19, Financial Times reports.Rio said in July 2019 that the underground expansion of Oyu Tolgoi would require an additional $1.2B-$1.9B in capital and face substantial delays, as difficult ground conditions meant it would have to rethink the project's design and development schedule.But some investors and a former employee claimed the company knew the expansion project was in trouble months before the problems were disclosed to investors.Expansion of Oyu Tolgoi, Rio's biggest copper growth project, has seen costs soar to $6.75B, ~$1.4B higher than Rio's estimate in 2016, and has led to friction over funding with Turquoise Hill ([[TRQ]] -0.5%), which owns 66% of the project, and is in turned 50.8% owned by Rio Tinto.

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Rio Tinto probed by U.K. watchdog over Mongolia mine disclosures - FT