The funds were being raised by the company for its Oyu Tolgoi copper and gold mine located nearly 235km east of the Ömnögovi province capital Dalanzadgad.
Rio has stated that the company has secured about half of the funds for its billion dollar expansion plan that also includes funds from EFIC.
Although EFIC spokesperson has not confirmed the amount it plans to lend, the group is known to finance tens of millions, or hundreds of millions of dollars, according to The Age.
The funding, which was reportedly pocketed from Australian taxpayers, comes amidst the growing pressure on the group to help small exporters rather than big companies such as Rio.
Rio Tinto, nevertheless, claimed that Oyu Tolgoi mine has the potential to account for half of the country’s exports by 2019.
Meanwhile, Rio chief executive Sam Walsh said that the first production from the mine is scheduled before 30 June 2013. Copper production is expected to reach 450,000 tons per annum.
