Energy Machinery & Equipment
Rio Tinto (NYSE, ASX:RIO) on Tuesday said its Mongolian copper mine project has submitted a feasibility study to the local government in its bid to secure domestically sourced power for the East Asian’s country’s biggest foreign investment project.
Oyu Tolgoi LLC submitted a feasibility study for the Tavan Tolgoi Power Plant (TTPP) Project, which involves building a 300 MW coal power plant at an estimated cost of about $924 million, the Anglo-Australian miner said in a statement.
The global miner said it is also working on alternative options to source domestic power, including a renewable power component.
Rio Tinto-owned Turquoise Hill Resources has a 66% stake in the multi-billion-dollar project and the Mongolian state owns 34%, with investment terms agreed in 2015 in a deal known as the Dubai Agreement.
Mongolia has been exerting pressure on Rio Tinto to revise the Oyu Tolgoi agreement terms to make it more beneficial to the country and its citizens.
Global ferrous scrap prices showed stability in major markets with indications of prices bottoming out in the Japanese market in the coming days. US suppliers from west coast remained comparatively active offering bulk to South East Asian markets than east coast sellers offering to Turkey and South Asia. Chinese domestic scrap prices rise on supply tightness.
Iranian Parliament Speaker Ali Larijani, who traveled to Japan on Monday, highlighted the importance of bilateral relations between the Islamic Republic and the East Asian country in various spheres, the economy in particular.
Turkish scrap imports jump 9 folds while US imports remained nil in Oct’18 from Sweden
SteelMint learned from market participants that imported scrap markets in major South East Asian countries observed marginal slide in prices on overall dull sentiments. However, markets observed some demand on restocking ahead of New Year holidays. Some buyers kept eyeing for a further correction in the prices.
This week observed ‘stable to strong’ prices mainly in global scrap markets like USA, Turkey and South East Asia. Turkish scrap prices edge up in recent deals despite of softer finish steel and billet prices.
Philippine miners are urging the government to lift a six-year ban on new large-scale mining projects in the world's No. 2 nickel ore supplier after the state removed restrictions on fresh smaller ventures.