This Morning in Metals: Rio Tinto reaches new financing deal for Oyu Tolgoi
This morning in metals news: miner Rio Tinto announced it had reached a financing plan with Turquoise Hill Resources for the Oyu Tolgoi copper mine in Mongolia; meanwhile, the United States International Trade Commission (USITC) made a countervailing duty ruling on chassis and subassemblies from China; and, lastly, China’s National Bureau of Statistics released Producer Price Index (PPI) figures for the industrial sector in March.
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Rio Tinto reaches financing deal for Oyu Tolgoi
Miner Rio Tinto announced it had reached a financing deal with Turquoise Hill Resources for the Oyu Tolgoi copper miner project.
The massive underground copper-gold mine project is a partnership between the Mongolian government and Turquoise Hill Resources. Rio Tinto has a majority stake in Turquoise Hill. Meanwhile, the Mongolian government owns 34% of the project, while Turquoise Hill owns the balance.
However, the Mongolian government had earlier this year expressed reservations about the progress of the project.
A few months later, Rio Tinto says it has an updated funding plan for the mine.
The estimated remaining funding needed for the project is approximately $2.3 billion.
USITC rules on chassis, subassemblies from China
The USITC this week ruled imports of chassis and subassemblies from China are being subsidized by the exporter.
As a result, the Department of Commerce will issue a countervailing duty order.
NBS: PPI for manufactured goods up 4.4%
China’s National Bureau of Statistics reported the Produce Price Index (PPI) for manufactured goods rose by 4.4% year over year in March.
The PPI rose 1.6% month over month.
The PPI for non-ferrous metal materials and wires jumped by 17.3%. Meanwhile, the ferrous metal materials index rose by 15.6%.
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