Oyu Tolgoi board orders independent review of cost overruns

An independent firm of experts is set to review the cost overruns and delays experienced at the Oyu Tolgoi underground project, in Mongolia, Rio Tinto-controlled Turquoise Hill announced on Tuesday.

The board of Oyu Tolgoi, 66% owned by Turquoise Hill and 34% by State-owned Erdenes Oyu Tolgoi (EOT), has agreed to form a special committee, comprising members nominated by both parties, to review the cost blowout announced last year.

Oyu Tolgoi is set to cost between $1.3-billion and $1.8-billion more than the original $5.3-billion capital estimate.