Diversified major Rio Tinto on Friday announced a binding heads of agreement (HoA) with Canadian miner Turquoise Hill Resources for an updated funding plan to complete the Oyu Tolgoi underground copper project, in Mongolia. The funding plan addresses the remaining $2.3-billion funding requirement for the Oyu Tolgoi project, building on and replacing the arrangements established under a memorandum of understanding inked in September of last year.The underground operation has been faced with severe cost overruns, with the project expecting to cost between $1.3-billion and $1.8-billion more than the original capital ... (full story)