Rio Tinto Expects Delays At Oyu Tolgo
Nicolas Suiffet July 3, 2020 9:17 AM
Rio Tinto, the giant metals miner, confirmed that the expansion of its Oyu Tolgoi copper mine in Mongolia may cost 1.3 - 1.8 billion dollars more than the original forecast of 5.3 billion dollars.
Rio Tinto, the giant metals miner, confirmed that the expansion of its Oyu Tolgoi copper mine in Mongolia may cost 1.3 - 1.8 billion dollars more than the original forecast of 5.3 billion dollars, and might face a delay of 21 - 29 months.
From a chartist’s point of view, Rio Tinto is currently consolidating recent gains within a wedge pattern and faces a significant hurdle near 4700p. Bollinger bands narrow range indicates a lack of momentum. The daily RSI reversed down from its overbought area at 70% and remains within a downward-sloping channel. Investors have to remain cautious as it may difficult for the stock price to break above the resistance at 4700p at the first attempt. A clear breakout of 4700p would open a path to see 5039p. Alternatively, a push below 4392p would call for a reversal down trend with 3920 as bearish target.
Source: GAIN Capital, TradingView
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.