Friedland To Participate In Turquoise Hill Rights Offering; Chinese Bright Copper Scrap Up

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Mining entrepreneur Robert Friedland has decided to “‘fully’ participate in a rights offering next month by Turquoise Hill, owner of the giant Oyu Tolgoi copper gold mine, which aims to raise up to $2.4 billion,” reports Reuters.

“Turquoise Hill, majority owned by global miner Rio Tinto , said last month it planned a January rights issue, citing delays at Oyu Tolgoi in Mongolia that have stopped it from financing the mine’s next phase.”

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“‘I have arranged my affairs to participate fully,’ Friedland said on the sidelines of a London mining conference.”

“Friedland made his name in 1996 by selling a then-undeveloped Canadian nickel-copper project called Voisey’s Bay for C$4.3 billion ($4.2 billion).”

In metal price news…

The price of Chinese bright copper scrap closed Wednesday, December 4, halting its two-day flat run with a 2.3 percent shift. The price of Chinese copper wire fell 0.6 percent. The price of Chinese copper bar remained steady. The Chinese copper cash price showed little movement yesterday.

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After improving for two days, the Japanese copper cash price declined 0.7 percent. The price of US copper producer grade 122 declined 0.3 percent. The price of US copper producer grade 110 saw a 0.3 percent decline. The price of US copper producer grade 102 weakened by 0.2 percent.

On the LME, the copper 3-month price fell 0.9 percent to $6,948 per metric ton. The cash price of primary copper saw a 0.9 percent decline on the LME to $6,945 per metric ton.