Rio Tinto CEO calls for 'United Nations of the mining world'
(In MAY 15 story corrects to read Peru, paragraph 12). They also say their profits required years of investment throughout the commodities cycle and their projects provide jobs and tax revenues for host nations. Asked at a conference hosted by BAML in Miami, whether forming partnerships was the answer, Jacques said "absolutely". "Going forward, we need to spread the risk. In some very challenging jurisdictions, we will have to build the United Nations of the mining industry." As one (Other OTC: IUSDF - news) example, he cited Oyu Tolgoi in Mongolia, where Rio Tinto is the operator of a giant underground extension to a copper mine that has the backing of 15 commercial banks as well as money from the international financial institutions, such as the European Bank for Reconstruction and Development. Even (Taiwan OTC: 6436.TWO - news) with such protection, tensions have risen between Rio and the Mongolian government over issues such as tax and a power contract. "From the Democratic Republic of Congo and South Africa to Mongolia and Australia ... It (resource nationalism) is gaining momentum," he said in a speech to the Miami conference that was webcast.
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