The $2.6 billion Qatari investment could provide Glencore CEO Ivan Glasenberg the necessary backing he needs to push through the deal which many Xstrata shareholders say sell them short.
The Vancouver-based miner gave up another 3% on Monday, bringing its losses over the past trading week to 15% as worries about grades and costs at Oyu Tolgoi – one of the richest copper and gold mines in the world – continue to mount.
Mining investment in Chile, the world's largest copper producer, would reach US$ 100 billion between 2012 and 2020, the National Mining Society (Sonami) said on Monday.
Two or three days longer than anticipated could take rescuers to get to the nine Peruvian miners trapped 200 metres below ground since last Thursday, told reporters Oscar Valdes, cabinet chief to Peru's President Ollanta Humala.
Zinc miners are betting a long-running global supply glut of the metal used in steel making will turn into a deficit over the next five years as old mines run dry, sparking massive investment in new projects.
Copper hit its highest level in 2012 this week, boosted by strong manufacturing data from China. Steady job growth in the US too is pushing up demand, but downside risks especially in Europe remain.
The source of the surge in mining investment has been quite diverse, reflecting the widespread advance in prices. For 2012, gold leads the way with $3.6 billion of capital spending. But not far behind are copper-nickel-zinc mines at $3 billion, potash at $2.9 billion and iron ore at $2.7 billion as the Labrador Trough is developed.
