MINING giant Rio Tinto will provide $US600 million in bridging finance to Turquoise Hill Resources to continue the development of the Oyu Tolgoi mine in Mongolia.
Rio said the facility would be used initially to refinance all outstanding amounts under an existing $US225 million short-term funding facility.
It would then be used for the continued ramp up of phase one of the Oyu Tolgoi mine development.
Rio has also agreed to extend the short term funding facility until August 28.
"Rio Tinto remains committed to putting in place a significant project financing package to fund the development of the Oyu Tolgoi underground mine," the company said in a statement.
The agreement would also allow Turquoise Hill to refinance its existing debt to Rio Tinto by the end of the year if necessary, the company said.
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