Andrew Harding News
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Rio Tinto Group will resume talks with Mongolia this month to resolve concerns that spending at their jointly owned Oyu Tolgoi mining project is overshooting and the country isn’t benefiting enough from the development.
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Ivanhoe Mines Ltd. founder and Chief Executive Officer Robert Friedland said Rio Tinto Group released “unauthorized and incomplete” information about Oyu Tolgoi, the Mongolian mine they’re jointly developing.
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Rio Tinto Group, developing a $6.2 billion copper-gold mine in Mongolia, is certain of reaching a power-supply agreement with China for the project scheduled to start production next year.
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China’s copper demand will probably grow more than 8 percent annually in the next five years as the country uses more of the metal to develop its power infrastructure, Rio Tinto Group’s head of copper said.
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Copper rose for the third time this week as the outlook for demand brightened with improved economic growth in China, the world’s biggest user of the metal, and speculation that Japan will expand stimulus measures.
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China’s worldwide search for copper begins in the gnarled hands of 76-year-old Yang Caiguan, who is fiddling with the cables of his digital television tuner.
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Rio Tinto Group said that potential changes by Mongolia to an investment accord that at present gives partner Ivanhoe Mines Ltd. control of one of the world’s largest copper mines will alarm investors.
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Hedge funds cut bullish commodity bets for a sixth straight week, the longest slump since the depths of the global recession four years ago, on mounting concern that economies are slowing.
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Rio Tinto Group expects copper demand in China and emerging countries to grow faster than mine output, as more people in developing nations buy cars and homes.
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Mongolia may revise ownership accords with Rio Tinto Group and other foreign companies for the nation’s two biggest mineral projects ahead of parliamentary elections scheduled for next year.
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