Rio Tinto Secures Extended Financing Commitments for Turquoise Hill's Copper Mine
Money in pocket. Turquoise Hill Resources Ltd announced “on Monday that parent Rio Tinto had secured extended commitments from the banks that have agreed to finance the underground expansion of the Oyu Tolgoi copper and gold mine in Mongolia,” reports Reuters.
“The extension, to March 31, gives Rio Tinto more time to resolve a dispute over costs with the government of Mongolia.”
“Rio, which owns 50.8 percent of Turquoise Hill and operates Oyu Tolgoi, put the mine’s more than $5 billion expansion on hold in July, saying the Mongolian government wanted parliament to approve the project’s financing.”
In metal price news for copper…
The week’s biggest mover on the weekly Copper MMI® was the Japanese copper cash price, which saw a 2.1 percent increase. This week marked the third in a row of rising prices for the metal. The price of US copper producer grade 122 finished the week 1.8 percent higher. The price of US copper producer grade 110 rose 1.8 percent over the past week. This was the third week in a row of increasing prices. Closing out the third week of rising prices, the price of US copper producer grade 102 increased by 1.7 percent. Following a steady week, prices for Korean copper strip closed flat.
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Chinese copper prices were mixed for the week. Following a 0.8 percent increase, Chinese copper bar finished the week. A 0.8 percent gain landed the cash price of Chinese copper. The price of Chinese copper wire rose 0.4 percent this week, closing out the third week. Prices for Chinese bright copper scrap remained constant.
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The primary copper cash price rose 2.1 percent on the LME over the past week. This was the third week in a row of increasing prices. The 3-month price of copper finished the week 1.8 percent higher on the LME.
The Copper MMI® collects and weights 12 global copper metal price points to provide a unique view into copper price trends. For more information on the Copper MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.