Sector - Metals & Mining
Oyu Tolgoi nears closure
US Exim has lent US$500mn to the huge Oyu Tolgoi copper and gold mining project in Mongolia.
Chinese banks can't compete on commodities
Chinese banks won’t compete in the commodity finance space for “three to five years”.
Scepticism over trader house rules
The news that commodities trading houses may face sterner regulation has been met with scepticism in the industry.
Earlier in May, the Financial Stability Board (FSB) established by the G-20 to tighten up global financial regulation, suggested that regional and national regulators explore whether traders should be more tightly-governed.
Commodities prices flatlining
Commodities prices are expected to stay muted for the coming quarter.
ABN Amro’s Quarterly Commodity Outlook predicts that the decline in oil prices that started in February will continue for the next few months. Hans Van Cleef, energy economist at the bank, tells GTR that as the heating season ends, oil prices could drop by 10% over the next few weeks.
Mechel bags series of loans
Russian metals giant Mechel has secured a series of loans from Gazprombank.
Metals firms get EBRD loan
The EBRD has provided loans totalling €60mn to two Eastern European metals firms.
High credit risk for EU metals
The European metals sector has the highest credit risk globally, according to Coface.
Iron ore project secures credit
Australian mining company Venture Minerals has secured a debt facility totaling A$15mn from BNP Paribas.
Mechel digs up loan
Russian mining and metals company Mechel has signed a Rb40bn (US$1.28bn) loan agreement with VTB Bank.
Detour Gold secures finance
Canadian mining company Detour Gold has secured a senior secured credit facility worth C$135mn.
Gunvor refinances RCF
Commodities trader Gunvor has opened a US$650mn revolving credit facility (RCF) with a syndicate of banks.
Big Chilean power deal closed
US$1bn has been raised for the Cochrane power plant in Chile.
Emal II closes first debt tranche
Dubal and Mubadala have signed the first debt tranche for the Emirates Aluminium (Emal) expansion project in the UAE.
SocGen appoints energy head
Société Générale has appointed Olivier Musset as global head of the energy group.
Mechel amends credit facilities
Mechel has signed an agreement to amend the terms of its US$1bn pre-export facility due to tight market conditions.
