Rio Tinto Forced To Keep Copper At Mongolian Mine
News: Anglo-Australian mining company Rio Tinto has stated that it is still stockpiling copper concentrate at its Oyu Tolgoi mine in Mongolia following issues with copper imports into China, Mineweb reports. The company stated that its Chinese buyers are making progress with China ' s customs department and that it hopes the matter will be resolved shortly. The company had intended to start shipping into China during Q313.
BMI View: The glowing business environment has lost some of its lustre over the past few months as the Mongolian government seeks to renegotiate mining contracts and extract a greater share from the mining sector. However, we continue to believe that Mongolia is on the cusp of a mining boom and that the mining sector is set to experience rapid growth once the Oyu Tolgoi (OT) project comes online in H213.