Ex-Im Board Approves $500 Million Loan for Mongolian Mine
The Export-Import Bank approved an approximately $500 million direct loan to finance the development of a copper, gold and silver mine in Mongolia, the Bank announced May 16. Upon completion, the open pit and underground Oyu Tolgoi mine will generate…
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about 30 percent of Mongolia’s GDP, the Bank said. The mine is operated by Oyu Tolgoi, jointly owned by Turquoise Hill Resources of Canada and Erdenes Oyu Tolgoi of Mongolia. Rio Tinto, a major global mining company, also holds a majority stake in Turquoise Hill. The loan will support about 2,000 U.S. jobs, Ex-Im said.