Data: SHFE, DCE market movement (Mar 09)

According to a Monday report by the Financial Times, Mongolia was seeking to renegotiate the "unfair" commercial terms of the $18 billion Oyu Tolgoi copper mine owned by mining giant Rio Tinto.The report said Mongolian Prime Minister Gombojavyn Zandanshatar stated at a meeting that the current agreement between the two sides was "unfair."The report said Mongolian government officials would meet with Rio Tinto executives this week to discuss the terms of the deal.

Diversified Mining Company Fortescue has completed the acquisition of Alta Copper, securing the Caariaco copper mine project in northern Peru.The acquisition was carried out through a Canadian plan of arrangement, under which Fortescue subsidiary Nascent.Exploration acquired all issued and outstanding shares of Alta Copper not already held by the group.Following the completion of the transaction, Fortescue holds a 100% stake in the Caariaco copper mine.Fortescue CEO Gus Pichot said that copper remains central to the company’s diversification strategy.

Base Metal Producer Lundin Mining Agreed to Pay $215 Million to Purchase an Additional 5% Stake in the Caserones Copper/Molybdenum Mine in Chile and a 30.9% Stake in the Nearby Los Helados Project.These assets were acquired from JX Advanced Metals and its affiliates.Once the transaction is completed, Lundin Mining’s ownership interest in the business will increase from 70% to 75%.