Turquoise Hill Resources Ltd., the miner controlled by Rio Tinto Group, said all parties in the Oyu Tolgoi copper mine in Mongolia agreed to seek a funding extension for the underground expansion amid talks with the government.
Glencore Xstrata Plc, the global commodities trading and mining group, agreed to buy Caracal Energy Inc. for about $1.35 billion to take control of oil and gas assets in the central African nation of Chad.
China Minmetals Corp., the state- owned metals trader, led a group that agreed to pay $5.85 billion for Glencore Xstrata Plc’s Las Bambas copper project in Peru as China seeks greater control over material supplies.
The world’s biggest copper miners are urging Chile not to squander its mineral potential amid mounting environmental opposition, power shortages and rising labor costs and taxes in Latin America’s wealthiest economy.
Copper is heading for the biggest surplus in 13 years as new supply hits the market. The excess may turn out to be smaller than investors expect as new mines struggle to ramp up, according to the metal’s biggest producer.
Copper futures fell for the second straight day as a government report showing job growth trailed estimates triggered concerns that demand will falter in the U.S., the world’s second-biggest user of the metal.
Copper fell for the first time in three days as mines in Chile, the world’s biggest producer, were returning to normal operations after the government ordered an evacuation following an earthquake and tsunami.