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Market Chatter: Rio Tinto in Talks With Oyu Tolgoi Workers to Avert Another Strike
Rio Tinto (RIO) is in talks with workers at its Oyu Tolgoi copper operations in Mongolia to prevent another strike over a drop of up to 80% in wages due to changes in the country's labor laws, Reuters
Rio Tinto (RIO.US) negotiations with Mongolian copper mine workers deadlock, wages reduced by 80%, may trigger a new round of strikes.
According to the Wisdom Finance APP, global mining giant Rio Tinto (RIO.US) is in intense negotiations with workers at the Oyu Tolgoi copper mine in Mongolia to prevent a new round of strikes due to significant wage reductions. Earlier, the significant reduction of wages had led to strikes in May. In March 2023, Rio Tinto will transfer Oyu Tolgoi, one of the world's largest copper-gold mines, to underground mining, and plans to increase copper production to about 500,000 tons per year from 2028. Based on current market prices, this will bring Rio Tinto about $5 billion in revenue each year.
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