The transaction will result in a consolidated landholding of over 1,500km2 between and along a strike from the Oyu Tolgoi and Tsagaan Suvarga copper mines.
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BHP wants find a way to up output for the industrial metal from its Olympic Dam by 40% even before a proposed and long-awaited mega-expansion of the operation takes place.
Australia's Taurus raised $683m to invest in mining company debt last year, while two funds currently in the market are targeting investor capital of $800m.
Given the abundant speculation about the Federal Reserve and interest rates, Marc Faber told CNBC last week he believes the Fed is closely watching the market reaction to its intimations it may raise rates in June.