Good news for the Oyu Toloi mine… “Commodity trader Trafigura has agreed to provide financing for the massive Oyu Tolgoi mine in Mongolia in exchange for a long-term deal to buy an undisclosed portion of the output, it said on Monday,” reports Reuters.
“Rio Tinto, majority owner and operator of Oyu Tolgoi, one of the world’s largest copper and gold mines, has spent months wrangling with the Mongolian government about plans to expand from an open pit into an underground operation.”
“Trafigura, which markets a wide range of metals including copper concentrate, referred to the off-take deal in its first fully public annual report since being set up 20 years ago.”
In metal price news for precious metals…
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of US palladium bar, which saw a 3.1 percent decline. This comes on the heels of a 3.1 percent increase the week before. Following a 2.5 percent increase in the week prior, the price of Chinese palladium bar fell 2.5 percent last week. Japanese palladium bar prices held steady from the previous week.
The price of Japanese platinum bar rose 1.4 percent after falling 0.9 percent during the previous week. Following a 0.4 percent increase, US platinum bar finished the week. The price of Chinese platinum bar rose 0.4 percent after falling 1.0 percent during the previous week.
The price of Japanese gold bullion rose 1.5 percent after falling 1.4 percent during the previous week. The price of Indian gold bullion rose 1.3 percent after falling 5.8 percent during the previous week. The price of US gold bullion rose 0.7 percent after falling 0.6 percent during the previous week. Chinese gold bullion traded sideways last week.
The price of Indian silver rose 1.5 percent after falling 4.0 percent during the previous week. The price of Chinese silver fell 1.0 percent over the past week. This was the fourth week in a row of declining prices. The price of Japanese silver rose 0.8 percent after falling 2.2 percent during the previous week. The price of US silver rose 0.7 percent after falling 0.6 percent during the previous week.
The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.