Some impact on shipments but still getting to China | ETG Message Board Posts

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Msg  12668 of 12947  at  2/13/2020 8:42:37 AM  by

marpincan


Some impact on shipments but still getting to China

Rio Tinto says virus slowing copper ore shipments from Mongolia

|About: Rio Tinto Group (RIO)|By: , SA News Editor

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 China.

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 profitability.


 


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