News re Rio T:
"Mongolia confident of resolving Oyu Tolgoi disputes by year-end • 11:49 AM
• A top official in Mongolia's mining ministry is confident the government can resolve disputes with Rio Tinto (RIO) over the $5B expansion of the Oyu Tolgoi copper and gold mine by Dec. 31, the deadline for sealing financing for the project.
• While key issues remain to be resolved, progress was made in last weekend's talks, and the government would be willing to tackle some of its minor concerns after work resumes on the underground mine, the official says.
• The expansion is vital to Mongolia as it is expected to boost the economy by a third by 2020 and is key to Rio's effort to ease its dependence on iron ore; Rio's Turquoise Hill (TRQ) unit owns a 66% stake in the mine."
Comment:
1. Rio T has confidence in the short, medium and longer term market for copper.
2. It has already sunk $billions in that mine (stage 1)
3. There was no infrastructure - that had to be provided. It's in one of the most inhospitable places on the planet - the Gobi Desert. They have to source huge quantities of water.
4. The Mongolian government has (to date) a carried interest of 34%. The Namibian government has a 20% interest in the subsidiary that owns the licenses.
5. There's nothing particularly marvelous about the grades. Guchab can more than match them for the copper although there are the more valuable gold credits.
If Rio T is right, then SBR is pursuing the right mineral in a place served by infrastructure in a state that has a long history of reliance on mineral production.
As long as they keep finding the mineral, our time should come. They still have plenty of cash.
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