Investor seminar London / New York. Oyu Tolgoi, Mongolia

Transcription

1 Investor seminar London / New York Oyu Tolgoi, Mongolia 9 October 2012

2 Cautionary statement 2012, Rio Tinto, All Rights Reserved 2 This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited ( Rio Tinto ) and consisting of the slides for a presentation concerning Rio Tinto. By reviewing/attending this presentation you agree to be bound by the following conditions. Forward-Looking Statements This presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding Rio Tinto s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto s products, production forecasts and reserve and resource positions), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rio Tinto, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forwardlooking statements. Such forward-looking statements are based on numerous assumptions regarding Rio Tinto s present and future business strategies and the environment in which Rio Tinto will operate in the future. Among the important factors that could cause Rio Tinto s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation and such other risk factors identified in Rio Tinto's most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to the SEC. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Except as required by applicable regulations or by law, Rio Tinto does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events. Nothing in this presentation should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share.

3 3 Tom Albanese Chief executive

4 Agenda 2012, Rio Tinto, All Rights Reserved 4 Introduction, outlook and strategy Capital allocation and performance Technology & Innovation Break Copper Summary Q & A Tom Albanese Guy Elliott Preston Chiaro Andrew Harding Tom Albanese

5 Safety remains our core value 2012, Rio Tinto, All Rights Reserved 5 Injury frequency rates 2003 Aug 2012 Per 200,000 hours worked All injury frequency rate Lost time injury frequency rate Aug- 12 Testing safety equipment

6 Overview 2012, Rio Tinto, All Rights Reserved 6 Short term outlook is uncertain and volatile Focus on balance sheet discipline and single A credit rating Strong operational performance under tough conditions Significant reductions in operating and evaluation costs and sustaining capex Long term industry fundamentals remain attractive Rio Tinto is well positioned Strategy is unchanged large, long life, cost competitive assets Disciplined and rigorous capital allocation and prioritisation Allocating capital to projects with highest returns in the most attractive sectors

7 Short term market uncertainty and volatility continue 2012, Rio Tinto, All Rights Reserved 7 Synchronised slowdown underway Purchasing Managers Index Manufacturing Above 50 = Expansion US China 30 Below 50 = Contraction 25 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Monthly new home sales growth in China % change year on year 100% 80% 60% 40% 20% 0% Jan-08-20% Jan-09 Jan-10 Jan-11 Jan-12-40% Source: CEIC / NBS Eurozone Japan Continued deleveraging and austerity in OECD Rate of growth in our markets in China is robust but is decelerating Expect a sequential pick-up in Q4 with signs of improvement in property market Impacts of stimulus extended out vs previous estimates: to be felt after Party Congress Market to remain volatile

8 The long term demand outlook remains attractive 2012, Rio Tinto, All Rights Reserved 8 Global commodity demand trajectories Index (2012 = 100) ~2 billion additional people to urbanise by 2030 Global steel consumption expected to grow by 2 per cent per annum China to remain key driver until mid- 2020s China GDP per capita currently 19% of USA levels India and South East Asian economies more than offset flat and then falling consumption in China Aluminium - Primary Hard coking coal Thermal coal Copper - Primary Iron ore TiO2 Consumption-led growth will benefit TiO 2 and Aluminium Source: Rio Tinto analysis

9 2012, Rio Tinto, All Rights Reserved Continued urbanisation will drive Chinese steel demand growth Total steel demand over respective 20-year period (tonnes per capita) US Germany Japan South Korea China Significant urbanisation to continue China s cumulative steel consumption per capita remains well behind developed world This is despite substantial growth over the last decade We estimate four per cent growth in steel demand this decade but off a huge base Crude steel production in China expected to peak towards China Source: Rio Tinto analysis Note: Steel stock refers to the level of cumulative steel consumed within an economy over a 20-year period

10 The industry supply response is increasingly challenged 2012, Rio Tinto, All Rights Reserved 10 Local Chinese iron ore supply is working harder 80% 60% 40% 20% 0% Implied Domestic Fe % Domestic iron ore % market share Source: World Steel Association /GTIS/Rio Tinto analysis Global iron ore fines cost curve 2012 (CIF China) ~100 million tonnes of mostly Chinese iron ore production is unprofitable today Evidence that a large proportion of this already curtailed Cost escalation and rising capital intensity will increase pressure on marginal project returns Scarcity of highly skilled labour, access to financing Rising threat of resource nationalism Recent high profile project deferrals Source: Macquarie

11 Within this context, our fundamental strategy is consistent and unchanged 2012, Rio Tinto, All Rights Reserved 11 To maximise total shareholder return by sustainably finding, developing, mining and processing natural resources Invest in and operate large, long term, cost competitive mines and assets Maintain a strong balance sheet and single A credit rating Allocate capital to the highest return opportunities Investments driven by the attractiveness of commodity sectors, and the quality of each opportunity

12 Our strategy is focussed on finding, developing and operating tier one assets 2012, Rio Tinto, All Rights Reserved 12 Higher expandability Implement operating enhancements Tier 1 Grow and protect Focus of new investment 6.00 Optionality/ expandability/ 5.00 life extension Improve, divest or close Identify expansion options Lower 1.00 expandability Higher 1.00 cost Lower cost Total cost position Operating costs and sustaining capital Capital intensity of growth

13 2012, Rio Tinto, All Rights Reserved We are taking constant steps to improve the quality of the portfolio 13 Higher expandability 9.00 Leveraged plays Tier Optionality Lower expandability Higher cost Iron ore Diamonds & Minerals Copper Marginal assets Aluminium Energy Cost position Under review / recent divestment Bubble size represents medium, high and very high value (Rio Tinto share) Cash cows Lower cost

14 A clear and consistent strategy 2012, Rio Tinto, All Rights Reserved 14 The long term demand outlook remains attractive Post GFC effects continue to drive short term market uncertainty and volatility Increasingly delayed industry supply side response Rio Tinto s fundamental strategy remains unchanged Allocating capital to those projects offering the highest returns Targeting investment in the most attractive sectors Constantly improving the portfolio in line with our strategy

15 15 Guy Elliott Chief financial officer

16 2012, Rio Tinto, All Rights Reserved Balancing value adding investment with returns to shareholders and a prudent balance sheet Disciplined investment in highest value opportunities $10 billion of non-sustaining investments in 2012 Cash from operations Prudent balance sheet management Single A credit rating Average borrowing maturity of 9 years Cash returns to shareholders Progressive dividend increased by 34% at FY 2011 $7 billion buy-back completed Prudent balance sheet and single A credit rating in a volatile environment Progressive dividend provides sustainable long term returns to shareholders Disciplined and rigorous approach to capital allocation Investment programme focused on highest quality opportunities Return surplus cash to shareholders 16

17 2012, Rio Tinto, All Rights Reserved 17 Integrated strategy and planning process sets the key elements of our capital framework Capital boundaries Existing capital commitments, planned divestments Single A credit rating Progressive dividend Integrated strategy and planning process Set strategic framework Assess performance metrics Identify operating improvements Develop investment opportunities Growth Cash returns to shareholders Assess and prioritise opportunities Capital plan Prioritised capital budget Single A credit rating Progressive dividends and other cash returns

18 2012, Rio Tinto, All Rights Reserved Distinctive strategic investment themes and standard evaluation criteria drive our investment approach 18 Board / Exco Develop investment themes Macro-economic Jurisdiction Sector sieves Market size, demand Performance Competitive advantage Market structure Asset Large, long life, low cost Export markets Economics and Business Evaluation teams Set evaluation criteria Price assumptions Discount rate assumptions Board / Exco Set ranking criteria Project evaluation guidelines Value enhancement Where are the highest returns? When do we realise the return? What risks are involved? NPV IRR/ROI, EBITDA margin Level of payback in first five years Risk Management Committee; Board

19 2012, Rio Tinto, All Rights Reserved 19 Our capital allocation process ensures we are making good decisions Develop investment themes Investment Committee Set evaluation criteria Opportunity development Project review and ranking Board Final decision Set ranking criteria

20 Capital expenditure is being prioritised on the highest quality projects Approved 1 capital expenditure US$ billions F 2013F 2014F 1 Approved capital expenditure includes probable capital likely to be approved for Pilbara sustaining mines, Pilbara 283 and Pilbara 353 expansion 2012, Rio Tinto, All Rights Reserved Capex programme managed within limits of target single A credit rating Rio Tinto s proportionate share of 2012 capex is $13.7 billion Three significant projects in three commodities to come on line within the next 18 months Yarwun 2 currently ramping up Oyu Tolgoi phase 1 Pilbara 283 expansion Level of sustaining capex under review with material reductions likely Flexibility around further major project approvals 20

21 2012, Rio Tinto, All Rights Reserved Shaping the portfolio in line with our strategy 21 Capturing value from assets that no longer fit our strategy >20 divestments worth a total of $12bn completed since 2008 Various strategic review and divestment processes underway Significant acquisitions and divestments since 2011 Acquisitions Control of Turquoise Hill Resources Doubling stake in Richards Bay Minerals Acquisition of Riversdale Acquisition of Hathor Exploration Oyu Tolgoi: tier one copper resource with average production of 425ktpa copper and 460kozpa gold High quality, low cost resource with production capacity of c. 1Mtpa TiO 2 feedstock and >20 year mine life Highly prospective, tier one coking coal resource with first production mid-2012 and objective of 25Mtpa high quality coking coal by 2020 Proven high grade uranium deposit in highly prospective, low risk geography Divestments in 2012 and assets announced as under review Alcan Cable, Specialty Aluminas, ZAC Diamonds business Pacific Aluminium Palabora Mining Non-core aluminium and coal assets; not large or long life Insufficient market size in context of broader Rio Tinto portfolio Non core Non core

22 Prudent balance sheet management 2012, Rio Tinto, All Rights Reserved 22 Proforma gross debt maturity profile at 30 June (US$bn) June 2012 maturity profile adjusted for $3 billion bond issue August 2012 and $0.5 billion bond maturity September 2012 Aim to maintain a single A credit rating Long term and smooth debt maturity profile Weighted average maturity of over nine years $5.5 billion of bonds issued in 2012 with a weighted average maturity of around 12 years and coupon of 3.6% $1.7 billion of bonds falling due over next 18 months Approximately two thirds of gross debt at fixed interest rates

23 2012, Rio Tinto, All Rights Reserved Strong operational performance; further significant cost reductions planned 23 EBITDA margin by product 2012 first six calendar months Australian capital cost inflation (2000 = 100) 80% % Rio Tinto % 50% Peer group range Typical Mine + Mineral Processing Facility - Australia (IPA) 40% 30% 20% 10% Australian CPI 0% -10% Copper Aluminium Iron Ore Coal Aluminium based on Rio Tinto Alcan operations only, including trading activities. Peer group comprises BHP Billiton, Vale, Anglo American, Xstrata, Freeport, Alcoa Source: IPA

24 2012, Rio Tinto, All Rights Reserved A disciplined approach to capital allocation 24 Prudent balance sheet and single A credit rating in a volatile environment Clearly defined approach to capital allocation Investment programme focused on the highest quality opportunities Progressive dividend provides sustainable long term returns to shareholders Return surplus cash to shareholders Shaping the portfolio in line with our strategy Strong operational performance with further significant cost reductions planned

25 25 Preston Chiaro Group Executive, Technology and Innovation

26 Technology and Innovation makes Rio Tinto operations best in sector 2012, Rio Tinto, All Rights Reserved 26 T&I partners with, supports, and challenges Rio Tinto Product Groups and functions to deliver industry leading performance in strategically critical areas, including: Operational Improvement Optimising our operating assets Major capital project delivery Helping to deliver on time and on budget projects Innovation Delivering value through the design and implementation of step change innovations Technical Assurance Understanding and managing technical risk in major capital allocation decisions

27 2012, Rio Tinto, All Rights Reserved Optimising our operating assets to achieve industry leading performance 27 World leading centralised model of technical expertise Distinctive capabilities and unique processes in critical disciplines Strategic Production Planning group identifies optimal resource development Identify and implement productivity improvements Sharing leading practice in operational performance Developing capabilities in core technical skills

28 Standardised global asset management processes drive down costs Pre-tax cash flow cumulative savings from better Asset Management (US$m) YTD , Rio Tinto, All Rights Reserved Improve the performance of physical assets Global metrics for standardised reporting and performance reveals best practice Centralised model efficiently shares leading practice Training programmes to build capability Development and ownership of standard technical systems: mobile asset health, reliability improvement tools 28

29 2012, Rio Tinto, All Rights Reserved Unique processes and systems deliver value 29 Haul truck availability (%) 88% 87% 86% 85% 84% 83% 82% Increased haul truck availability has resulted in 18 trucks not being required T&I has supported improvement through standardised metrics Advanced modelling identifies benefits for critical assets Consistent methodology applied across the group HTA (LHS) No. Trucks (RHS) Decline in number of trucks in 2010 due to sale of Rio Tinto Energy America assets

30 Improved performance of critical assets reduces operating costs 2012, Rio Tinto, All Rights Reserved 30 Mean time between failures Haul Truck MTBF (Utilised Hours) Average Payload Average Payload (% of Target) 101% 100% Mean Time Between Failures (MTBF) is an indicator of reliability...how often does an asset breakdown Across the group Mean Time Between Failures has increased by 50% Rio Tinto average payload as a percentage of maximum payload increased from 99.3% in 2008 to 100% in 2011, from levels below 97% prior to implementing global measurement Increased payload has resulted in at least 6 trucks not being required 99% 98% 97%

31 2012, Rio Tinto, All Rights Reserved Centralised major projects capabilities shares best practice 31 Achieve repeatable success on major projects: Central capability supports Product Groups Consistent methodologies lowers project costs Regional and commodity based delivery hubs delivers expertise where it is needed Talent pipeline centrally managed Challenges Rising capital intensity across the globe Difficult to attract and retain skilled people Loss of experience when demobilising a group once a project finishes

32 We drive step change innovation 2012, Rio Tinto, All Rights Reserved 32 Our Mine of the Future is shaped by four significant value levers Find Develop Mine Recover Find future tier one ore bodies VK1 in initial flight trials Complex testing programme under way Develop future block cave mines safer, faster, better Tunnel boring system trials to commence at Northparkes during H Optimise resource productivity Expansion of driverless truck fleet to 150 Operations Centre Smart drilling and blasting Autonomous trains (AutoHaul ) Recover more from mineral deposits NuWave copper sorting pilot plant being commissioned at KUC Innovation networks created through long term strategic alliances Protection of Intellectual Property is key to sustaining competitive advantage

33 Rio Tinto innovation network model 2012, Rio Tinto, All Rights Reserved 33 Technology partnerships 1 Komatsu 2 Aker Wirth 3 Atlas Copco e2v Tomra University of Nottingham University of Western Australia 1 5 4& &8 3 8 Herrenknecht 8 9 Río de Cobre Centres of Excellence Centre for Underground Mine Construction Centre for Advanced Mineral Recovery 1 3 Centre for Materials and Sensing 4 Centre for Advanced Mineral Sorting 5 Centre for Mine Automation Rio Tinto Centres Rio Tinto Innovation Centre Rio Tinto Iron Ore Operations Centre Rio Tinto Copper Excellence Centre Trial 9 Rio Tinto Copper Block Caving Knowledge Centre Rio Tinto Iron and Titanium Technology Centre Rio Tinto Minerals Asia Technology Centre Rio Tinto Research Park Rio Tinto Minerals Technology Centre

34 Systematic approach to innovation 2012, Rio Tinto, All Rights Reserved 34 Idea Proof of Concept Pilot Demo Deploy Support Structured control and governance Data management and security Rigorous investment proposals Freedom-to-operate Patent families and walls Trade secrets, copyright and trademarks, individual contracts Innovation without intellectual property protection is philanthropy

35 T&I is central to managing technical risk 2012, Rio Tinto, All Rights Reserved 35 An integral part of our risk management and capital allocation Activities and groups involved include: Technical guidance and due diligence of investment opportunities Support of resource and reserve governance Governance and oversight on areas of strategic risk Global leaders on energy and water management issues

36 Summary 2012, Rio Tinto, All Rights Reserved 36 T&I partners with, supports, and challenges Rio Tinto Product Groups and functions to deliver industry leading performance in strategically critical areas, including: Operational Improvement Optimising our operating assets Major capital project delivery Helping to deliver on time and on budget projects Innovation Delivering value through the design and implementation of step change innovations Technical Assurance Understanding and managing technical risk in major capital allocation decisions

37 Investor seminar London / New York Oyu Tolgoi, Mongolia 9 October 2012

38 Andrew Harding Chief executive, Copper Oyu Tolgoi, Mongolia

39 2012, Rio Tinto, All Rights Reserved Long-term demand drivers remain positive 39 Electrification of large emerging markets will support demand Per capita electricity consumption (GWh/capita) While sectors such as automotive have significant growth potential Passenger vehicle ownership/1000 people* 18,000 16,000 14, Germany High income mature markets 12, USA 10,000 8, Middle-income industrialising 6,000 4,000 2, China Mexico Emerging markets High income densely populated Hong Kong ,000 20,000 30,000 40,000 50,000 0 India 0 10,000 20,000 30,000 40,000 50,000 GDP/Capita 2005 US$ USA China Japan South Korea Germany India GDP/Capita 2005 US$ *2009 except China which is 2011

40 Declining grades and mine closures impact supply 2012, Rio Tinto, All Rights Reserved Mt production loss between due to closures Continued project development is necessary to meet medium term demand Copper mine supply-demand outlook (Mt) Production loss due to closures kt Cu 20 The industry requires 1.6Mt Cu as a result of grade declines from % -0.5 Mt -0.09% -1.5 Mt Source: Wood Mackenzie Q % -2.7 Mt -0.05% -1.6 Mt Base production Highly probable projects Probable projects Possible projects Primary demand

41 2012, Rio Tinto, All Rights Reserved Higher grades improve unit cost and business performance compared to 2012 Production profile Rio Tinto share production forecast Kt Cu/ Koz Au Copper % CAGR Gold Over 13% CAGR in copper to 2015 Production impacted by unfavourable grades and smelter shutdown in 2012 Production volume and grade improvement in 2013 Investment focused on key assets and retaining development optionality on high quality assets Focus on business improvement to drive productivity and unit cost performance Delivery of 15% reduction in overhead costs EBITDA margins remain strong 41 Production data excludes Palabora

42 2012, Rio Tinto, All Rights Reserved Oyu Tolgoi, a world class copper business 42 Tier one asset with first quartile net unit cash costs Average annual production of 425kt of copper and 460koz of gold Underground reserves of 437mt at 1.9% copper and 0.42 g/t gold with open pit reserves of 955mt at 0.49% copper and 0.36 g/t gold Additional underground and open pit resources of 3.1bt at 0.84% copper and 0.33 g/t gold Exemplary environmental standards Building a sustainable economic footprint Foreign direct investment in Mongolia important to support continued development

43 2012, Rio Tinto, All Rights Reserved Countdown to first production at Oyu Tolgoi 43 Event First ore through SAG mill First concentrate production Commercial production (30 days at 70%) Timeline from Power 6 weeks 3 months 6-8 months Project over 97% complete Sales contracts for 75% of concentrate in place Physical construction of all power transmission infrastructure complete Commercial negotiations continue Transitioning to 90% Mongolian operations workforce

44 The next phase will take Oyu Tolgoi underground 2012, Rio Tinto, All Rights Reserved 44 DIDOP feasibility study H Optimising production schedule through use of Strategic Production Planning First production planned for 2016 and completed by 2018 Operating rates up to 85,000t/pd Underground ore grade to increase by 4x compared with open pit

45 Kennecott 100% owned, large, long life, low cost 2012, Rio Tinto, All Rights Reserved 45 Unit costs reduced by gold, silver and molybdenum by-products US$660m approved for additional HME and facilities to extend mine life to mt of ore at 0.79% CuEq Unit cost per tonne of material moved in line with 2011 Production 180kt of copper, 185koz of gold and 13.8kt molybdenum from 2019 Moly Autoclave commissioning H Kennecott operations consistently a leading industry benchmark Well positioned to test new technologies and innovations TBS trial and Copper NuWave TM ore sorting technology

46 Alternatives for Kennecott underground development are being considered 2012, Rio Tinto, All Rights Reserved 46 Kennecott resource development US$165m approved for North Rim Skarn pre-feasibility studies to 2014 Continued focus on evaluating underground options Conceptual underground sequencing North Rim Skarn East Cave Highland Boy Deep Moly 1 South West Caves Fortuna Skarn Cornerstone South pushback extend mine life North Rim Skarn Underground skills and experience Platform for further development Strategic enabler Block caves and other pushbacks Extend life of operations Safely access higher grade deposits LOM ) Source: Rio Tinto Moly Exploration Target Fact Sheet

47 Unlocking value through phased development at La Granja 2012, Rio Tinto, All Rights Reserved year mine life with phased approach to development Starter mine in pre-feasibility with first production in 2017 Significant capital investment delayed until after first production Application of leaching technology to maximise recovery Open pit with low technical risk 80kt heap leach trial underway at Kennecott Social project commenced Orebody knowledge continuing to positively evolve Part of broader porphyry district Significant upside potential

48 Resolution a major future underground operation 2012, Rio Tinto, All Rights Reserved 48 Drilling continues to confirm a world class orebody 1.47% copper with significant molybdenum Land exchange bill approved in US House of Representatives Progressed shaft 9 and 10 development and ongoing of resource and geotechnical conditions Pre-feasibility studies being extended to allow a complete analysis of mining and processing options

49 2012, Rio Tinto, All Rights Reserved Investment for organic growth in our operations 49 Escondida Improved recovery through advancing leaching technology, productivity improvements and debottlenecking Organic Growth 1 Project Oxide Leach Area Project Escondida Ore access Grasberg Investment in the transition to a major underground operation with planned tonnage at 240ktpd mill throughput Grasberg Block Cave Deep Mill Level Zone (DMLZ) 40% of production in 2022

50 2012, Rio Tinto, All Rights Reserved Technology and capability key to delivering our strategy 50 Copper NuWave (ore sorting technology) Plant constructed and pilot underway Increased concentrator throughput Ability to recover copper from waste streams Tunnel Boring Machine Commissioning at NPM Potential to reduce Underground construction by ~40% 50% more effective than drill and blast methods Rio Tinto Block Cave Knowledge Centre NPM centre opened August 2012 Partnership with University of NSW State of the art learning technology Automated Underground loaders Leading edge technology deployed at Northparkes 40% of extraction level currently automated Productivity improvements and significant safety benefits

51 Focused profitable growth and operational excellence Confidence in industry fundamentals Best copper assets in the business High quality and diverse portfolio Margin delivery through cost discipline and operational performance Nearing first production of flag ship project Oyu Tolgoi Phased development of greenfield projects ensuring optionality and preserving value 2012, Rio Tinto, All Rights Reserved 51

52 52 Tom Albanese Chief executive

53 2012, Rio Tinto, All Rights Reserved Our fundamental strategy is consistent and unchanged To maximise total shareholder return by sustainably finding, developing, mining and processing natural resources Invest in and operate large, long term, cost competitive mines and assets Maintain a strong balance sheet and single A credit rating Investments driven by the attractiveness of commodity sectors, and the quality of each opportunity , Rio Tinto, All rights reserved

54 Executing our strategy 2012, Rio Tinto, All Rights Reserved 54 Long term industry fundamentals remain attractive Rio Tinto s strategy remains unchanged large, long life, low cost assets Disciplined and rigorous capital allocation and prioritisation Strong operational performance with further significant cost reductions planned Technology and innovation delivers substantial value Focused on maximising total shareholder return

55 Investor seminar London / New York Oyu Tolgoi, Mongolia 9 October 2012