Oyu Tolgoi mine operator Rio Tinto (RIO +2.7%) says its copper concentrate shipments from Mongolia to China have slowed due to efforts by authorities to contain the spread of the coronavirus.
Mongolia's government said earlier this week that
it would suspend deliveries of coal across its border into China until
March 2 and has stopped foreign nationals entering the country from
Yunnan Copper, part of Chinese metals group Chinalco (NYSE:ACH),
takes nearly 10K metric tons/month of copper concentrate from Oyu
Tolgoi for its Chifeng smelter in China's Inner Mongolia region.
Separately, Rio says it may cut operations or shut down
its aluminum smelter in Iceland, which is expected to remain
unprofitable in the short-to-medium term because of tough conditions in
the aluminum market and high power costs.
Rio says it will complete a strategic review of
the smelter in H1 2020 and continue talks with the Iceland government
and the smelter's power provider to explore options for a return to