The Bank of International Settlement holds 500.7 tonnes of gold as at the end of 2010. Why? In the third quarter of 2009 it held just under 120 tonnes. These were part of currency/gold swaps. There are no details of the names of the counterparties. Coincidentally, they could be nearly the total of the ‘official’ gold holdings of Greece, Portugal and Spain.
Europe Mining News
European Union regulators cleared on Friday a bid by French minerals firm Imerys to acquire the world's biggest talc producer, Luzenac, from Anglo-Australian mining giant Rio Tinto. Imerys announced in February its intention to buy Luzenac for $US340
Investors have been anticipating a positive outcome, the shares are now up over 30 percent in the past few weeks European Goldfields (LON:EGU, TSE:EGU) shares shot up over 10 percent after the group’s 95%-owned subsidiary Hellas Gold SA got environment
Ultra Lithium acquires 344 square kms of Serbian mineral concessions with lithium and boron potential
Posted by Editor Friday, 08 July 2011 Ultra Lithium Inc. (TSX VENTURE:ULI) ("the Company" or "Ultra") is pleased to announce that it has been granted four (4) additional lithium/boron exploration licenses (prospects) in the Republic of Serbia through its
Bloomberg reported that Lynas Corp (ASX:LYC) and Siemens (ETR:SIE) have formed a joint venture in rare earth supply.
Bloomberg reported that Russia's attempt to capture a huge stake in global potash resources from Belarus may be trumped by China.
TurkPower Corporation announced the purchase of 50.09% working interest in Maksor Madencilik Sanayi Ve Ticaret Anonim Sirketi the 100% private owner of the Kuluncak iron ore project in Turkey.
Rio Tinto PLC has appointed John Varley, the former chief executive of Barclays PLC, as a non-executive director to Rio Tinto's board of directors in the U.K. and Australia, starting Sep 1.
An out of use tin mine in the south west of England is on its way to becoming a hotspot for renewable energy. Earlier today, more than 5,600 solar panels on the site were fired up by Solarcentury and UK-based solar developer Lightsource Renewable Energy.
A union leader has called on David Cameron to take long term measures to help the steel industry, after jobs in Lincolnshire and Teesside were cut.
Zinc and Lead have shown stunning recovery recently as Greece passed austerity measures but this will be short lived and it is only relief measure because overall euro zone problems is much bigger.
Gold's performance has eclipsed that of gold mining stocks this year, but gold equities now are likely to take the upper hand as the flow of cheap US cash slows and miners boast juicy margins and good growth prospects. Gold's status as a quasi-currency and safe haven has helped pushed the price of the metal up about 20 per cent since the start of the year to above $US1,520 an ounce, making it one of the top performing asset classes of 2011.
Platinum, palladium to resume uptrend soon Commerzbank looks for Platinum to rise into year-end. These markets “tightened considerably” last year due to a rebound in demand following the recession-related weakness of the previous year. “The
The past week has given a fillip to the gold price as Eurozone sovereign debt issues have resurfaced - ideal circumstances for precious metals appreciation. It was an interesting week for precious metals, as sovereign debt worries faded, only to
Brokers Collins Stewart and Evolution Securities were upbeat about iron ore producer Ferrexpo (LON:FXPO), which released production figures today. The firm reported numbers for the second quarter of 2011 revealing that pellet production from its own ore had increased 6.9 percent compared to Q1.
The Yorkshire Post reports Sirius Minerals has started a concept study at its York Potash project, paving the way for mining to begin at the UK’s only seam of potash. Sirius has secured mineral rights for 631 sq km of land between Whitby and Scarborough with plans to open a new potash mine and create up to 5,000 jobs. Sirius is about to start drilling two temporary boreholes in the North York Moors National Park. Once it gets an idea of what the potash seam looks like under the ground it can plan where to site the mine.
Tsurumi (Europe) GmbH has established a Swedish subsidiary in partnership with its Swedish distributor Tsurumi-Intec Pump AB. Tsurumi has been present in Sweden through for years but will now serve the market directly. Tsurumi will draw on its 90 years of experience to deliver robust and reliable pumps to the Swedish mining and construction industry. Read more
July 5 (Bloomberg) -- Most Asian stocks advanced, driving the regional benchmark index higher for a sixth day, as raw material producers advanced after metal prices increased and amid optimism Greece will avoid a default. BHP Billiton Ltd., the world’s
Many managers and strategists say they cannot understand why investors buy gold. Yet the price has risen steadily, and shows little sign of softening. Switzerland and Germany are the top European centres for ‘investment’ gold demand – even through the bear market in gold some years ago, demand in Germany was more resilient than in other markets, and the asset has always been easier to access.
AFP reports the Antwerp diamond industry, world capital of the gem, on Monday announced an investment deal with leading Chinese bank ICBC, which could act as an intermediary to provide finance for diamond transactions in Antwerp. Around 80% of the trade in uncut diamonds and half of world trade in cut stones transits through the Flemish town, which is facing increasing competition, including from India.
Canadian miner High River Gold Mines Ltd said it received a 20-year mining license in Burkina Faso to explore and construct a gold mine at its Bissa gold project in West Africa. The company, which has properties located mainly in Russia and Burkina Faso in Africa, said the license could be renewed.
It is reported that pig iron shipped from Commonwealth of the Independent States maintained stable in European market last week. Yet, rumors spreading through the market players warn that the spot market has a possibility of going downward in future.
It is reported that Russian mining and steel producing company Evraz Group is going to build a new section rolling mill in southern Russia. The production capacity of the mill is expected to be 450,000 tonnes of products per year.
It is reported that Cherepovets Steel Mill, a subsidiary of Russian steelmaker Severstal has started installation of a new loading crane No 8 at its converter plant worth RUB 800 million. The new crane's load-carrying ability is 520 tonnes, 70 tonnes
According to the provisional foreign trade statistics compiled by the Turkish Statistical Institute and the Turkish Undersecretariat of Customs, in May this year Turkey's iron and steel imports totaled USD 1.58 billion decreasing by 7% YoY and up 2.18%