Oyu Tolgoi raising more questions for Rio
Hedge fund manager Odey has today published a letter written to RioTinto’s board expressing concerns regarding the financing package surrounding Oyu Tolgoi mine in Mongolia.
Rio’s partner in the mine, Turquoise Hill, has issued statements that it is unhappy with current financing arrangements. Odey, which is a shareholder in Rio says in the letter that ‘lenders have better security than a Rio Tinto bondholder’.
The letter calls for transparency regarding funding accusing Rio of ‘value destruction’.
