Dec 16 (Reuters) - Rio Tinto (LON:RIO) Ltd RIO.AX :
* DEVELOPMENT CAPITAL AND TIMELINE FOR OYU TOLGOI CONFIRMED-RIO.AX
* OYU TOLGOI IS EXPECTED TO PRODUCE 480,000 TONNES OF COPPER PER YEAR ON AVERAGE FROM 2028 TO 2036 FROM OPEN PIT AND UNDERGROUND
* ESTIMATE DETAILS HOW OYU TOLGOI UNDERGROUND TO ACHIEVE SUSTAINABLE PRODUCTION FOR PANEL 0 BY OCT 2022 FOR DEVELOPMENT CAPITAL OF $6.75 BILLION
* COMPLETED DEFINITIVE ESTIMATE WORK FOR PANEL 0 OF OYU TOLGOI UNDERGROUND PROJECT
* SUSTAINABLE PRODUCTION EXPECTED TO COMMENCE IN OCTOBER 2022
* ESTIMATE WORK FOR PANEL 0 CONFIRMING A REVISED BUDGET OF $6.75 BILLION WITH SUSTAINABLE PRODUCTION EXPECTED TO COMMENCE IN OCTOBER 2022
* AT PEAK PRODUCTION, OYU TOLGOI TO OPERATE IN 1ST QUARTILE OF COPPER CASH COST CURVE; BY 2030 TO BE FOURTH LARGEST COPPER MINE IN WORLD
* RIO TINTO, THROUGH TRQ, IS PROVIDING COMPLETION SUPPORT UNDERTAKING IN RESPECT OF $4.4 BILLION PROJECT FINANCE FACILITY
* REMAINS OF VIEW THAT ALL SHAREHOLDERS SHOULD CONTRIBUTE PROPORTIONATELY AND SHARE EQUITABLY IN BENEFIT
* PANEL 1 & PANEL 2 CURRENTLY SUBJECT TO FURTHER STUDIES, WITH INITIAL RECOMMENDATIONS EXPECTED BY MID-2021