Antofagasta Plc, the copper company controlled by Chile’s billionaire Luksic family, predicts global supply and demand will remain in balance longer than previously thought on project delays and an increase in orders.
Mongolia is committed to resolving issues delaying expansion of the $6.6 billion Oyu Tolgoi copper and gold mine, the government said in a statement after a Rio Tinto Group unit failed to arrange funding for their joint project.
Turquoise Hill Resources Ltd., the Rio Tinto Group unit that produces copper in Mongolia, said it will restate three years of financial results after a subsidiary decided to change the way it recognizes revenue.
Mongolia, making progress in a dispute with Rio Tinto Group that has stalled the expansion of a copper mine, understands that it needs to make the nation more welcoming to foreign investors, Prime Minister Norovyn Altankhuyag said.
Mongolia and Rio Tinto Group made progress in resolving project financing and other disputes stalling the expansion of their $6.6 billion Oyu Tolgoi copper mine, a Mongolian board member of the venture said.