News Wrap

IN THIS morning’s News Wrap: Rio tinto facing new landlord in Mongolia; Magnis Resources considers equity call; and Palmer wants to reopen nickel refinery.

Lou Caruana

Rio tinto facing new landlord in Mongolia

The pro-mining Mongolian People's Party (MPP) swept back to power in landslide parliamentary elections, promising favourable conditions for miners including Rio Tinto, which last month finally approved a $A7 billion extension plan for the Oyu Tolgoi copper mine, according to the Australian Financial Review.

Campaigning was dominated by concern over economic growth, which has slowed dramatically since 2012, stirring controversy over the role of global mining firms.

Magnis Resources considers equity call

Sydney-based graphite company Magnis Resources is considering joining listed rival Syrah Resources and a bunch of lithium stocks in tapping shareholders for fresh equity, according to the Australian Financial Review.

Magnis, whose shares have jumped from about 20¢ to top $1 in the past year, has been talking to brokers about potential demand from institutional shareholders should it pull the trigger on a raising over the next month.

Palmer wants to reopen nickel refinery

Outgoing MP Clive Palmer says he plans to have his defunct Queensland Nickel refinery up and running again by March next year, according to the Sydney Morning Herald.

The controversial Member for Fairfax told the ABC he had a dedicated team working around the clock after finding new money.

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