Rio Tinto and the newly elected Mongolian government are at loggerheads over Oyu Tolgoi — the world’s biggest copper and gold mine. The government wants to increase its stake in the joint venture from 34% to 50%, while Tinto has rejected the offer stating that as per the terms of the treaty, signed in 2009 by the previous regime, there would be no such claim for 30 years. But the bigger issue for Tinto is to get the mine operational. The $6-billion mine is complete for production but is awaiting a formal power supply agreement to be inked by the government and neighbouring China since the mine is close to its border. Till that happens, the wait for mining 25,000 metric tonnes of copper and 460,000 ounces of gold is going to get longer.
American weekly news magazine Newsweek has decided to call time on its print edition, promising to continue it on the web as a digital magazine, renamed Newsweek Global. The 79-year-old magazine had been steadily losing money due to dwindling ad sales and falling subscription numbers and was saddled with annual losses of around $40 million. Newsweek’s free website, The Daily Beast, will continue even as the magazine’s online version will be subscription-driven.
Spain is trying to get rid of $235 billion of bad assets and Wilbur Ross has declared an interest in buying a part of an as-yet unnamed Spanish bank. Ross, who owns 10% of the floundering Bank of Ireland along with several banks in the US, is on a buying binge. However, he isn’t in a hurry. He will wait for the banks to clear their books of toxic real estate assets before moving in.
Yahoo is leaving South Korea, after more than a decade of struggling in the East Asian country. The US-based web giant operated a portal and an internet advertising company out of Seoul and has employed over 200 people in its Korean operations for over a decade. After being marginalised by the likes of Google and other local internet portals, and with three CEO changes this year alone, it is finally winding up its operations at the subsidiary and is likely to quit the country by the end of the year.