Reuters reported that Rio Tinto plans to start exporting copper from the USD 6.2 billion Oyu Tolgoi mine in Mongolia on Friday after resolving demands from the government.

Journalists have been invited to attend a ceremony at the copper and gold mine on Friday to mark the first export, a week later than initially flagged. Mr Norov Altankhuyag PM of Mongolia said that the event had been postponed due to a demand from the government that Rio Tinto keep all export revenue in Mongolia. That issue has been resolved, people familiar with the issue told Reuters. The agreement that governs the Oyu Tolgoi project gives Rio Tinto the freedom to put the export revenue anywhere it wants.

Given the company's accounts in Mongolia had been temporarily frozen earlier this year, keeping funds there would not be an attractive option. Rio Tinto, operator of the mine, declined to comment on the event set for Friday. Its subsidiary Turquoise Hill Resources Ltd owns a 66 percent stake in the mine with the Mongolian government owning the remainder.

Rio has been producing at Oyu Tolgoi for several months and has been aiming to start exports by the end of June. But it has said since February that it would not begin exporting until it resolved disputes with the Mongolian government over royalties, costs, management fees and project financing.