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Big nations snub Beijing bank launch after US lobbying
China will officially launch a new $50bn Asia Infrastructure Investment Bank on Friday as it steps up its challenge to global financial institutions like the World Bank that it feels are dominated by America and its allies.
Copper hopes ‘bright despite volatility’
Copper is set for a period of price volatility as the market digests new supply but long-term prospects remain bright due to grade declines and extended lead times for new projects, according to global miner Rio Tinto.
China GDP growth slowest since global crisis
China’s economy grew last quarter at its slowest pace since the depths of the global financial crisis, raising concerns over global growth prospects and increasing the likelihood Beijing will introduce broader stimulus measures.
Rio Tinto defends expansion strategy as iron ore output surges
Rio Tinto reported a 12 per cent increase in iron ore production in the third quarter and defended its controversial expansion strategy , insisting it would increase returns for shareholders.
Rio and Mongolia close the gap in copper dispute
The Rio Tinto-controlled company behind the Oyu Tolgoi copper project on Monday concluded a feasibility study for a $5bn expansion and welcomed a tax cut offered by local authorities, in signs of a possible end to a long dispute between Mongolia and the miner.
Mongolia outlines steps to reduce default risks
Mongolia is determined to reduce default risks on its international debt by resuming a long-stalled $4.2bn copper mine project by the end of this year, bringing government debt levels to within legal limits and cutting back on welfare payments, a senior government official said.
Mongolia set to end dispute with investors over mining licences
Mongolia is trying to recover confidence in its mining industry amid a serious downturn, by making conciliatory noises in a stand-off with its biggest investor Rio Tinto and proposing to end a dispute over more than 100 exploration licences suspended during a corruption investigation.
Mongolia’s investor relations: a job for Genghis Khan?
It was only an April Fool’s day joke – but when an Ulaanbaatar website suggested that Mongolia go on a Genghis Khan-style “investor roadshow” across several continents on horseback to win back international investors, it hinted at the size of the image deficit the north Asian nation faces.
Mongolia counts cost of mine delay as RioTinto deadline passes
A dispute between the Mongolian government and its biggest foreign investor over the expansion of one of the world’s largest copper mines has added to concerns over the country’s faltering economy.
Turquoise — still the colour of money in Mongolia?
Decision time approaches for Mongolia, Rio Tinto and Turquoise Hill on Oyu Tolgoi, the enormous copper mining project that could one day represent about a third of the landlocked nation’s economy.
Mongolia tames “Ninja” gold miners to support currency
A tussle between Mongolia’s authorities and some 60,000 “ninja miners” for control over the country’s gold industry captures in microcosm the broader battles that Ulaanbaatar is waging to shore up its slumping tugrik currency and central bank reserves.
Made in Mongolia to upgrade steppe economy
“Made in Mongolia” trolleybuses bump along Peace Avenue, Ulan Bator’s main east-west axis, alternating lousy braking with sudden acceleration. Most of their major components have been imported from abroad and the buses are only assembled locally. Still, they embody the ambition of local authorities to develop Mongolian industry.
The colour of money in Mongolia? Turquoise
What follows concerns the likely actions of the government in Ulaanbaatar, which is pretty much the definition of a frontier market and all the perils that go with it. With that warning, come with us to Mongolia.
Mongolia: new Samurai bond puts fiscal rules in spotlight
Resource-rich Mongolia is going back to the international bond market in a push to offset a weakening economic cycle.
Standard Bank consultant detained in Mongolia
A Standard Bank consultant negotiating a loan repayment has been prevented from leaving Mongolia, complicating the bank’s efforts to get $131m back on a debt guaranteed by the country’s largest state-owned mine.
US banks warn Fed interest cut could force them to charge depositors
Leading US banks have warned that they could start charging companies and consumers for deposits if the US Federal Reserve cuts the interest it pays on bank reserves.
Rio Tinto could raise stake in Oyu Tolgoi copper mine
Rio Tinto could end up increasing its stake in the Oyu Tolgoi copper project in Mongolia after its Canada-listed unit that owns the mine announced a planned rights issue of up to $2.4bn.
Copper: dead red
Production growth of the red metal buoyed (or stopped sharper falls in) shares of the big miners last week. That is a bit odd, given that copper prices are down 30 per cent since their 2011 highs. Rising production is a limited comfort when demand remains slack.
Rio Tinto plays the long game in Mongolia over Oyu Tolgoi mine
A big increase in Rio Tinto’s copper output has underlined the high stakes it is playing for at a flagship new mine in Mongolia, where the FTSE 100 miner is starting to reap the benefits of a $6bn investment but has frozen further development amid disputes with the government.
Supply of copper set to outstrip demand
Leading copper miners and traders have said they expect supply to outstrip demand next year as a wave of new projects begins production, a development that suggests prices will continue falling for the benchmark industrial metal.
IMF warns of China threat to exporters
The International Monetary Fund warned on Monday that China’s move away from material-intensive growth could stifle growth for commodity exporters reliant on shipping oil and gas, as well as coal, copper, and iron ore to the Asian country.