Aluminum Corp of China Ltd (Chalco) is willing to get involved in Oyu Tolgoi (OT) copper & gold project, operated by Rio Tinto in Mongolia, the firm’s senior vice president Liu Xiangmin said this week. OT is one of the largest copper deposits in the world, and is seen as a strategically important mine by the Government of Mongolia, which signed a stability agreement with Oyu Tolgoi LLC.
According to Reuters news agency, Xiagmin said “If Rio Tinto and its shareholders think Chalco has added-value for them, Chalco is still willing to be involved in the project. It’s a mutual choice. We keep the option open”, while attending a mining conference in Tianjin.
In October this year Chalco had to drop a $926 million bid for a majority stake in Canada’s Mongolia-focused coal miner South Gobi Resources Ltd, which is owned by Ivanhoe Mines, largely due to political opposition from Mongolia.