Turquoise Hill Resources Ltd said the company “was planning a rights offering of up to $2.4 billion, citing delays at Rio Tinto’s Oyu Tolgoi copper and gold mine in Mongolia that have stopped it from financing the mine’s next phase,” reports Reuters.
“Shares of Vancouver-based Turquoise Hill, which owns 66 percent of Oyu Tolgoi, fell more than 6 percent to C$4.35 in afternoon trading on the Toronto Stock Exchange.”
“Diversified miner Rio Tinto owns 50.8 percent of Turquoise Hill and operates Oyu Tolgoi.”
On Thursday, November 14, the day’s biggest mover was the price of Chinese bright copper scrap, which saw a 3.5 percent decline. Chinese copper wire finished the day down 0.8 percent. Chinese copper bar ended the day, after the 0.8 percent drop on Thursday. The Chinese copper cash price fell 0.8 percent.
The price of US copper producer grade 122 prices declined 1.8 percent. For the fifth day since Friday, November 8, the drop-off has accelerated. Metals’ downward trend picked up speed for Friday, November 8, as the price of US copper producer grade 110 dropped after a 1.8 percent decrease. The price of US copper producer grade 102 fell 1.7 percent, marking the fifth in a row of declining prices. The drop-off has accelerated since Friday, November 8. Weakening prices followed two days of improvement as the Japanese copper cash price dropped 0.4 percent.
The cash price of primary copper weakened by 1.4 percent on the LME, settling at $7,021 per metric ton. Following a quiet couple of days, the copper 3-month price fell 1.4 percent on Thursday on the LME to $7,029 per metric ton.