Any stake sale by mining giant Rio Tinto to China's state-owned aluminum giant Chinalco for developing the Oyu Tolgoi copper and gold project in Mongolia would require the Mongolian government's approval, said Mongolian Prime Minister Sukhbaatar Batbold.
Although the country welcomes Chinese investment, any change to the investment agreement signed between the Mongolian government, Rio Tinto and Canada's Ivanhoe Mines would require clearance from the government, he said.
After signing a joint venture agreement with Chinalco in July last year to develop its 12-billion Simandou iron ore-project in Guinea, Rio Tinto had said that it would hold talks with Chinalco on taking it as a partner in the Oyu Tolgoi project.
Chinalco, which already holds about 9-per cent stake in Rio Tinto, had indicated that it would be interested in taking a minority stake in the Oyu Tolgoi project or acquiring a stake in Ivanhoe.
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