Trump administration strikes $9bn copper deal to challenge China [Yahoo! Finance]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
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Source: Yahoo! Finance
On Tuesday, a fund backed by the US government acquired a 40pc stake in two Democratic Republic of Congo mines from industrial giant Glencore Glencore's partial sale of the venture to Orion CMC, which is backed by the US International Development Finance Corporation, puts a $9bn (£6.6bn) price tag on the copper mining project. Orion CMC and Glencore said the tie-up will pave the way for more acquisitions of critical mineral projects across the African copper belt. It comes as Mr Trump bolsters his efforts to build a supply of critical minerals to counter China's dominance. On Monday, Mr Trump announced “Project Vault”, a $12bn critical minerals stockpile backed with a $10bn loan from the US Export-Import Bank and $2bn from private capital to aid America's push to corner vital mineral resources. The Trump administration's move to secure natural resources has been a core motivation for the president's planned takeover of Greenland and his removal of Nicolás Maduro from power
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