Mongolia downgrade bolsters Turquoise Hill in Oyu Tolgoi talks: "Turquoise Hill Resources rose 5% in afternoon trade bringing gains for the operator of the Oyu Tolgoi mine since Friday to 12.5%.
There was no fresh news about the $6 billion company to trade on, and Turquoise Hill's gains in Toronto come despite serious declines in the price of the metals being extracted from its massive mine in Mongolia.
Gold is hovering around USD 1,400 an ounce down more than 15% since the start of the year, while copper on Tuesday hit fresh 18 month lows of USD 3.09 per pound.
Turquoise Hill's is also outperforming other copper and gold producers including Freeport McMoran and Newmont Mining which have not recovered from precipitous falls suffered amid the carnage among mining stocks last week.
Turquoise Hill a favourite of resource investors has been been on a wild ride since hitting an all time high above USD 28 in January 2011 affording it a peak market cap of USD 20 billion. The company, which is controlled by world number two miner Rio Tinto is locked in often bitter negotiations with the government of Mongolia over the controversial Oyu Tolgoi mine."
'via Blog this'
