Rio Tinto’s Stake in Turquoise Hill Remains Unchanged

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Looks as though nothing will change…

“Rio Tinto’s stake in Canadian miner Turquoise Hill Resources will remain unchanged, after the conclusion of a lengthy rights offering linked to the highly prospective Oyu Tolgoi mine in Mongolia,” according to the Sydney Morning Herald.

“Rio Tinto had agreed to underwrite a rights offering conducted by Turquoise Hill, which could have seen Rio’s 50.8 per cent stake in the company increase if other shareholders did not fully participate.”

“But Turquoise Hill confirmed this morning that the $US2.4 billion rights offering was over-subscribed, and that Rio was not required to increase its holding in the company.”

“JPMorgan analysts had originally estimated that Rio’s stake in Turquoise Hill could increase to 75 per cent if other shareholders had been reluctant to participate.”

In metal prices news for copper…

The price of Chinese copper bar closed up Monday, January 13, halting two days of weakening prices with a 1.0 percent shift. The Chinese copper cash price is back up, rising by 1.0 percent yesterday to close. The price of Chinese bright copper scrap showed little movement on Monday. The price of Chinese copper wire held steady.

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Following a two-day drop, the price of US copper producer grade 122 increased by 0.7 percent. After falling for two days, the price of US copper producer grade 110 rose 0.7 percent. The price of US copper producer grade 102 rose 0.7 percent after a two-day drop. The Japanese copper cash price held steady.

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The copper 3-month price remained essentially flat on the LME at $7,263 per metric ton. The primary copper cash price saw little price change on Monday on the LME at $7,281 per metric ton.