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
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.