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Chile’s Codelco raises $2bn in bond offering
Chilean state-owned copper giant Codelco has raised $2bn (1.79trn pesos) in a bond offering. Banks BNP Paribas, Citi, JP Morgan, Santander and Scotiabank are the joint bookrunners on the offer. The company offered a ten-year note, which will run to 2034, with a yield of 5.966%. It also offered a 30-year note for $700m, with a yield of 6.331%. The company hopes to use the funds to boost dwindling copper output, which is at its lowest level in 25 years.
US and Vietnam secure mineral and semiconductor deal
The US Government has secured a deal with Vietnam for the procurement of semiconductors and minerals. The announcement comes amid rising diplomatic tensions between the US and China, as both major economies compete to retain dominance in the international clean technology industry.
Rio Tinto’s iron ore mining in Guinea lacks funds from Chinese partner
Rio Tinto has failed to receive funding from Chinalco Iron Ore Holdings, its agreed partner, for one of the world’s largest untapped iron ore deposits, Simandou. Despite agreeing to a joint partnership in the mining project in 2010, Rio Tinto has spent more than $500m while the Chinese company has made no funds available, sources told Reuters.
US defence department awards $20.6m for nickel prospecting
The US Department of Defense (DoD) has announced $20.6m in funding for the development of the proposed Talon nickel mine in the northern state of Minnesota. The funding forms part of a programme seeking to strengthen US critical mineral supply chains and will support prospecting work in Michigan and Minnesota.
