RE:RE:Copper up 9 cents
They said by the end of the 4th quarter a long time ago ... you can't just walk up to an ATM and take out $4 billion or so ... the financing and restart of the underground phase is on schedule, RioT has said they view OT as their best pipeline copper project. Lender security, priority in the event of default, remedies, government gaurantees, etc.,. means piles of negotiated legal documents relating to multiple jurisdictions for multiple lenders all with their own requirements. It takes time and RioT and Mongolia have not failed to meet any announced milestone since the renewed OT agreements this past Spring.
In the meantime let the sky if falling crowd burn themselves out with dire warnings of a new economic dark age - low rates, low commodity prices, global rebalancing and balance sheet improvements should improve the economic outlook. China is only 15% of world GDP, even insipid growth is growth. It is a good time to delay new production in any event until copper markets rebound. Maybe even gold will suprise to the upside. The time to be impatient is when markets, especially the cyclical miners, are hot and rising and we are being left behind. Right now stock markets .... stink?
cg