Rio Tinto Group has suspended underground operations at its massive Oyu Tolgoi copper mine in Mongolia following a rockfall triggered by a seismic event on Thursday that injured three workers. The company announced the pause in a statement on Friday, stating operations are halted while it carries out a safety review.
Oyu Tolgoi is one of the world’s biggest copper and gold mines, and 80% of its value lies deep underground. It’s running at an annualized output rate of 450,000 tons of copper per year, according to the latest operational update.
The mine doesn’t have its own smelter and is a major supplier of semi-processed ores to processing plants in northern China. Disruptions could cause strain on the already scarce supply of feedstock. Rio Tinto owns 66% of Oyu Tolgoi.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing