Europe Mining News

Bulls regain footing as gold adds $50

The price of December gold added $52.50 or 2.9% to trade at $1,870.30 an ounce in afternoon dealings on Thursday regaining much of the ground lost since hitting an intraday record of $1,923.10 an ounce on Tuesday. During August the metal added 12% as investors sought a safe haven from the slumping US economy and the continuing debt crisis in Europe. The ECB on Thursday decided to keep interest rates at 1.5% and cut forecasts for growth in the euro area while in the US jobless claims came in worse than expected. Bullion was also boosted by comments from the US Federal Reserve chief Ben Bernanke who all but confirmed a new round of stimulus will be announced at a meeting later this month.

Extending Neves-Coro adds $100m to NPV: Lundin

Extending the Neves-Coro mine in Portugal will add $100 million to the net present value (NPV) and push the life of the mine into 2026, Lundin Mining (TSX:LUN) said today. The company released the feasibility results for Lombador Phase 1, which plans to exploit the uppper portions of the Lombador zinc/copper ore bodies.

Norilsk considers $4.5 billion buyback after Rusal deal collapse

Dow Jones reports Norilsk Nickel's (PINK:NILSY) board will consider a buyback at $306 a share next Tuesday, a source close to the company's board said Wednesday. Norilsk may spend up to $4.5 billion on the buyback of a 7.7% stake in the company.

Europe and China want to ape Australia carbon scheme

The Canberra Times reports Australia's proposed emissions trading scheme – which will evolve from the carbon tax being implemented next year – has won praise from Beijing, where it will be the model for one of six Chinese pilot programmes to be introduced in 2013. Earlier this week the EU also endorsed the controversial Australian plans and announced the start of talks for the eventual linkage of carbon trading by 2015. The carbon tax is vociferously opposed by Australia's coal export industry, the world's largest, which will be forced to pay a levy of $25 per metric tonne of carbon pollution next year.

African Barrick Gold targets year-end Tanzania cross listing

African Barrick Gold, which has four gold mines in Africa's fourth largest gold producer Tanzania, said on Wednesday it was planning to cross-list on the country's bourse by the end of this year.

Gold Falls after German Court OKs Euro Aid

Gold prices fell around the world Wednesday after a German court cleared the way for Europe's richest nation to help its weakest ones and a slew of encouraging news lifted global stock markets.

Physical delivery still bedevils LME steel contract

The LME's physical delivery function has attracted a lot of attention over the last few months thanks to the queue of aluminium awaiting drawdown from registered warehouses in Detroit. Delays in getting metal out of what is supposed to be "the market of

New study says solar competitive with coal by 2013 in some countries

Based on a study looking at five major solar markets – Germany, Italy, France, Spain and Britain – the Brussels-based European Photovoltaic Industry Association, the biggest of its kind, said competitiveness with conventional forms of energy such as coal could be reached by 2020, but in certain markets it could take just two or three years. The report notes the output of producers more than doubled in 2010, reaching a world-wide production volume of 23.5 gigawatts of photovoltaic modules. This is a more than 500-fold growth since 1990 and the pace of growth is not expected to slow. Predictions are for investments in PV technology to double from €35-40 billion in 2010 to over €70 billion in 2015. Governments have also been cutting back on subsidies for the industry to ensure a speedier reduction in costs.

FLSmidth enters into agreement on future cooperation with Russian company

In connection with Her Majesty the Queen of Denmark's state visit to Russia, FLSmidth expects to sign an agreement on future cooperation with the Russian company JSC EcoInvest.

Antwerp Diamond Trade Fair to be Held in January 2012

RAPAPORT... The Antwerp Diamond Bourse, the Diamantclub of Antwerp and the Antwerp World Diamond Centre (AWDC) announced the dates for their third edition of the Antwerp Diamond Trade Fair. This invitation-only event will be held January 29 through

Dalradian intersects 8.34m grading 5.84 g/t Au and 3.2m grading 5.34 g/t Au in step-out drilling along strike at Curraghinalt

TORONTO, ONTARIO--(Marketwire - Sept. 6, 2011) - Dalradian Resources Inc. ("Dalradian" or the "Company") (TSX:DNA) continues to extend the known mineralization at its Curraghinalt Deposit in County Tyrone, Northern Ireland. Results from a 50m step-out on the No. 1 vein include the widest intersection to date on the project comprising several veins over an 8.34m width grading 5.84 g/t Au. A 1000m step-out from the current resource estimate, returned intercepts including 3.2m grading 5.34g/t Au. Drilling to the south of the Crow vein has intersected at least two new vein discoveries, intercepting 1.34 and 1.64m grading 10.74 g/t Au and 6.13 g/t Au respectively. An additional intercept in the footwall of the T17 vein returned 3.71m grading 6.60 g/t Au.

NV Gold agrees to acquire exploration permit in eastern Switzerland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2011) - NV Gold Corporation (TSX VENTURE:NVX) (the "Company") announced today that it has entered into an agreement to acquire an exploration permit for gold and precious metals (the "Medel Permit") covering a total area of approximately 136 square kilometers in the Commune of Medel/Lucmagn in the Canton of Graubunden in southeastern Switzerland. The property is located in the Alps in a sparsely populated area. The community in which the property is located has been very supportive of the Company's initiative and welcomes the potential economic benefits that could be realized if the Company's exploration efforts are successful.

Copper steady as China buys eclipse growth concerns

Copper steadied on Tuesday as an earlier price correction enticed buying from top consumer China, but concerns about slowing growth in the world's top economies muddied the metal's demand picture. Three-month copper on the London Metal Exchange (LME) traded at $8,9 50 a tonne in rings , little changed from Monday's close of $8,960 a tonne.

Gold falls from record after Swiss peg franc

Gold fell from record highs on Tuesday, after Switzerland’s decision to peg its currency to the euro shook financial markets and battered the franc, putting the price of bullion in Swiss francs on track for its largest daily gain in three years.

NYMEX-U.S. crude falls on recession concerns

U.S. crude futures declined in early Asian trade on Tuesday as recession worries continue to weigh down the market, after the Chinese services sector posted its worst ever growth reading and concerns about European debt lingered.

Europe tumbles on debt fears

European stocks plunged and the euro tumbled, as investors piled into safe-haven assets amid rising fears over Europe's sovereign debt crisis and economic growth on both sides of the Atlantic.

Carbon cap revival led by Gillard called stupid by Xstrata

Julia Gillard, determined to join efforts to reduce global warming, intends to revive cap and trade as Europe puts curbs on the United Nations-run emissions credit market and the U.S. opts out entirely. The Australian prime minister’s plan to make factories and utilities either cut the nation’s greenhouse gases or pay for pollution-curbing programs abroad may force companies to buy an average 66 million metric tons of credits a year starting in 2015, sending prices up 29 percent, according to Bloomberg New Energy Finance. That’s about two-thirds of Europe’s annual demand since 2008.

Gold climbs above $1,900 as concern about slowing economies stokes demand

Gold gained above $1,900 an ounce in London as concern about slowing economic growth and Europe’s debt woes spurred demand for a protection of wealth.

Gold futures edge higher on global growth fears

Gold futures edged higher in thin holiday trade on Monday, as mounting concerns over the U.S. economic outlook and fears that the euro zone’s debt crisis is worsening boosted safe haven demand.

Dalabai mining set to start in Kazakhstan

Central Asia Resources remains on track to begin mining at its 90%-owned Dalabai Gold Project this month and to start producing gold during the fourth quarter. The company has recently achieved several development milestones.

Analysis: Russian billionaire sets sights on being PM

MOSCOW (Reuters) - Billionaire businessman Mikhail Prokhorov is not satisfied with being one of Russia's richest people and its most eligible bachelor. He also wants to be its prime minister. The playboy industrialist has almost no experience in politics

Gold sales would not solve Europe’s debt troubles

Europe’s most indebted nations are under heavy pressure from their richer neighbours to sort out their finances, but they are unlikely to mimic the impoverished gentlefolk of old by selling off the family silver – or in their case, gold – to do so.

High River provides an update on the bankruptcy procedures of Prognoz Silver LLC

TORONTO, ONTARIO--(Marketwire - Sept. 2, 2011) - High River Gold Mines Ltd. (TSX:HRG) ("High River" or the "Company") was informed that the Arbitration Court of the City of Moscow terminated the official bankruptcy proceedings for Prognoz Silver LLC ("Prognoz Silver") in connection with the application of Prognoz Silver claiming that the criteria of bankruptcy are no longer in place. As previously disclosed, the application to put Prognoz Silver into bankruptcy was initially filed by Prognoz Silver itself. High River holds a 50% indirect interest in Prognoz Silver, which operates the Prognoz silver project in the Republic of Sakha (Yakutia), Russia.

Lynas signs supply contract with BASF

Lynas Corporation has signed a long term rare earths supply agreement with BASF. The contract will see Lynas provide the materials from its Lynas Advanced Materials Plant (LAMP) in Malaysia for BASF’s Fluid Catalytic Cracking business, which uses lanthanum.

Glencore announces $1 billion acquisition of Optimum Coal

Glencore International plc (LON:GLEN), seeking access to the growing coal market in India and China, announced on Thursday an estimated $1 billion plan to acquire Optimum Coal Holdings (JNB:OPT), a significant thermal coal producer in South Africa. Glencore will value the ordinary shares of Optimum at 34 ZAR (4.8 USD), a 35% premium over the 30-day volume weighted average. “Optimum’s high quality, long life coal assets and significant presence at Richards Bay Coal Terminal would be an attractive addition to our existing South African coal business," said Tor Peterson, director of the Coal/Coke commodity department.