Europe Mining News

200 tonnes of long gone silver set for high-seas salvage

The Scotsman reports a British cargo ship carrying silver worth £135 million has been located deep in the North Atlantic 70 years after it was sunk by a Nazi torpedo, paving the way for the largest ever haul of precious metal from the sea bed. Marine archaeologists from Odyssey Marine Exploration, a shipwreck salvage company based in Florida, found the SS Gairsoppa resting almost three miles beneath the surface of the Atlantic Ocean and in international waters about 300 miles off the coast of Ireland. 200 tonnes of silver stashed in its hold. Under a salvage agreement with the British government, Odyssey will be able to keep 80% of the cargo.

Polish company ZGH buys Montenegro lead and zinc mine

Polish company ZGH Boleslav purchased 51% of Gradir which operates lead and zinc mine Suplja Stijena in Pljevlja. ZGH invested so far around 25 million euro and additional 60 will be invested in the construction of smelting plant. With the new equipment,

Be Norwegian or Australian if you want a raise

Workers in Australia and Norway are getting pay raises, and they are getting paid for staying on the job, not greater productivity.

Empire Mining sampling returns significant copper-gold anomaly 1.8 km long and still open on strike

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 26, 2011) - Empire Mining Corporation (TSX VENTURE:EPC) ("Empire") is pleased to report that an ongoing sampling program at the newly-identified Southwest Zone of the Demirtepe wollastonite-hosted copper-gold-silver and molybdenum project in Turkey, has identified a continuous copper-gold anomalous zone currently about 1.8 km long and up to 800 metres wide and still open to the southwest. The new Southwest Zone is located approx. 1 km to the southwest of the Main Zone.

India, China and Russia will be driving uranium's future

Although its future is unclear, significant expansion of nuclear power capacity is projected to occur in non-OECD countries, especially China, India and Russia, according to the U.S. Energy Information Administration. The government agency released its International Energy Outlook 2011 last week. "China, Russia, and India account for the largest increment in world net installed nuclear power from 2008 to 2035: China adds 106 gigawatts of nuclear capacity over the period, Russia 28 gigawatts, and India 24 gigawatts."

Reuters: Russia's Uralkali plans new $2.5 bln potash mine

Reuters reports Russian potash miner Uralkali (URKAq.L) may launch a new 2.5 million tonne a year greenfield mine in 2018, which initial estimates show could cost $2.5 billion, the company's head of operations said on Thursday.

Many Kyrgyz fail to find a glittering future in gold

Two decades ago, Kyrgyzstan's president entered a parliament session brandishing what he felt was the key to the future -- a bar of gold that had come from one of the country's own mines.

British Telecom won't dig up its copper cables worth $77 billion, not yet anyway

British Telecom on Friday had to talk down the value of its 75 million miles of copper cables criss-crossing the United Kingdom after an analyst at investment bank Investec calculated that the scrap value of the copper is £50 billion ($77 billion) at today's prices – almost $50 billion more than BT's market cap.

London Metal Exchange could sell out

Bloomberg reports the London Metal Exchange which handles some 80% of global trade in industrial metals futures, told members it may get a takeover offer after multiple approaches from potential bidders. The 134-year-old exchange is owned by the trading houses and banks like Barclays and JP Morgan that trade on the market which keeps fees low. Despite talk of an $1.2 billion offer as far back as 2008, it is unclear how receptive they would be to selling out after a senior executive of the exchange told Reuters in March it had no plans to change its independent status despite increasing competition, particularly in Asia.

Ukraine-based mineral sands operation orders Multotec spiral concentrators

Ukraine-based Velta LLC has placed an order with Multotec for the supply of NHM and SC20 spiral concentrators to process minerals from an opencast operation in the Birzulovo ilmenite deposit in South Ukraine. Delivery is scheduled for the end of October

Copper, Nickel, Tin Slump on European Debt, Global Growth Risk

Sept. 23 (Bloomberg) -- Copper dropped to the lowest in more than a year while nickel and tin plunged as the deepening European debt crisis and threat of a U.S. recession spurred investor concerns that demand for raw materials will slow. Copper for

World markets are in the red

World markets tumbled overnight as bad news mounts and investors turn pessimistic. The Hang Seng fell 4.95%, the S&P ASX was down 2.63% and the Shanghai composite index is down -2.78%. Even gold, the traditional fear trade, was off three percent and trading at $1,739.

Rusoro gives update on new gold industry law

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/22/11 -- Rusoro Mining Ltd. (TSX VENTURE: RML) ("Rusoro" or "the Company") reports the following: On August 23, 2011, President of Venezuela Hugo Chavez Frias approved a decree with force of organic law

South African miners sue Anglo American in UK over lung disease

A London law firm said Wednesday it has launched legal action in Britain's High Court against mining company Anglo American on behalf of South African miners suffering from lung disease.

Global miner Rio Tinto says customers asking for commodities shipment delays

Global mining giant Rio Tinto plc says some of its customers are asking the company to delay shipments of iron ore and other metals as the global economy slowdown is squeezing the resources sector.

ValGold to acquire past producing gold-silver mine and surrounding region in Western Ukraine

ValGold Resources Ltd. (TSX VENTURE:VAL)(FRANKFURT:VR2) ("ValGold") is pleased to announce that it has negotiated an agreement to acquire a 75% interest in a private Ukrainian company, Klinservis - Center Ltd., which is to hold a 25 year mining licence over the past producing Muzhievo gold-silver mine and the surrounding mineral fields of the Beregovo Mining District in western Ukraine ("the MBK Project").

Empire Mining Corporation: IP/resistivity survey commences at Karapinar copper project, Turkey

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 21, 2011) - Empire Mining Corporation (TSX VENTURE:EPC) ("Empire") is pleased to announce that an IP/resistivity survey has commenced at the Karapinar copper project to seek extensions to the chalcocite enrichment blanket identified in recent drilling, and to target higher grade primary porphyry and skarn mineralization to the north of the previously drilled area. A total of eight line kilometres are planned in four north-south profiles, each two kilometres long. Dipole-dipole surveying will be used with a six dipole array, with spacing of 200 metres. Empire plans to drill test any targets generated.

Forget Greece, worry about China

While all eyes may be on the sovereign debt crisis in Europe or the ongoing jobs and budget battle in the U.S., Ian Bremmer says that the biggest economic concern is China, the world's leading importer of both copper and iron ore. Ian Bremmer, president of Eurasia Group, a global political risk research and consulting firm, hears lots of criticism about the hard decisions are being put off in both Europe and the U.S., and the literal can is being kicked down the road. "The largest can that is getting kicked furthest down the road right now is clearly in Beijing," says Bremmer who spoke to Bloomberg last week.

Rio Tinto senses a shift in mood

Despite order books that are full and robust commodity prices, Rio Tinto says that customer sentiment is now more cautious and physical markets are softer than they were six months ago. Executives from Rio Tinto, one of the world's largest diversified miners, voiced their concerns at an investor seminar in London and New York on Tuesday. The company is finding that customers are concerned over the health of the OECD economies and persistent volatility in financial markets.

Empire Mining final assays from Demirtepe main zone return significant copper-gold-silver and molybdenum values

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2011) - Empire Mining Corporation (TSX VENTURE:EPC) ("Empire") is pleased to report the final assay results for the remaining drill holes from Phase I drilling at the Demirtepe copper-gold-silver-molybdenum project located in western Turkey, where drilling in the Main Zone has consistently intercepted significant shallow mineralization in every hole completed. The most recent assays include the following significant copper-gold-silver and molybdenum intersections

Russia in zinc mining deal with Iran

Russia has agreed to develop an Iranian zinc deposit that is among the largest in the world in a deal involving an Iranian bank that faces international sanctions, the Russian business newspaper Kommersant reported on Tuesday. The agreement to develop

FIS Brokers First Coking Coal Swap With Credit Suisse

Cme Grp. Inc. (MM) (NASDAQ:CME) Intraday Stock Chart Commodities broker Freight Investor Services said Tuesday it has brokered its first coking coal swap trade, with Credit Suisse as the counterparty, completing the move of steelmaking materials towards

Salave gold project progressing as National Bank targets $3.30 share price

Astur Gold's Salave gold project in northern Spain got a boost last week when National Bank initiated coverage on the Vancouver-based junior explorer.

Gold, markets off as concerns about Greece escalate

The "very slow-moving train wreck" in Greece and Europe is taking down gold and the markets. Worries that Greece may default on its debt led to the Australian stock market, measured by the S&P/ASX 200, to close down 1.64%. The Hang Seng Index was off 2.76%. Mid-day, both the Dow Jones and S&P 500 are off 1.7%.

Wales rescue workers find fourth miner dead

South Wales Chief Constable Peter Vaughan called the unfortunate outcome of the search-and-rescue operation on Friday “the one that none of us wanted,” because police had held out hope of finding some of the miners alive. It is Britain’s worst fatal mining accident in years. Officials do not know what caused the accident at the Gleision Colliery near Swansea, in south Wales, an area once synonymous with coal mining, but where the industry all but disappeared since Britain’s labor strife of the 1980s.