Europe Mining News

Erdemir to start USD 700 million iron ore project

Bloomberg reported that Eregli Demir & Celik Fabrikalari TAS, Turkey’s biggest flat steelmaker, will start USD 700 million investments to develop an iron ore plant by 2016.

UK Coal up 13% after swinging into profit

UK Coal (LON:UKC) turned a £124.6 million loss in 2010 into a pre-tax profit of £58 million last year as production and revenue jumped.

French uranium supply threatened by strike in Niger

Niger's uranium workers have downed tools over a dispute with Areva, the French nuclear power giant that owns the Imouraren mine.

Surprised it lasted this long. Soviet-era palladium stockpiles said to be depleted

Apart from Russian reserves no longer distorting the market, South Africa's dwindling supply is bound to boost prices further.

Nickel price decline halves Sherritt's Q1 earnings

Toronto-based Sherritt International had a rough quarter, revealing on Wednesday a 50% drop in earnings from $63 million to $32 million when measured against the same quarter of 2011.

Possible imminent Eurozone collapse a game-changer for gold

Gold is currently in a protracted period of consolidation and expecting a break-out but it is unclear in which direction! Down to $1,525 or up to $2,000 + - or maybe first one then the other. Interesting times!

Beau Sancy stone expected to fetch £2.5 million

One of the world's oldest, rarest, and most coveted diamonds is going up for auction at Sotheby's.

Anglo Asian finds gold at Azeri Ordubad mine

Anglo Asian Mining said it had discovered gold at Ordubad mine, boosting its prospects for gold production in Azerbaijan, where it plans to increase production to over 300,000 ounces of the precious metal per year by 2015.

Rusal’s $43 billion seven-year Glencore deal feeds investor feud

United Co. Rusal (486), the world’s biggest aluminum supplier, is locked in to selling $43 billion of the metal to Glencore International Plc (GLEN) over seven years in a contract that’s fueling a feud among billionaire investors, […]

Cutting a 149-km rail track through bogs and permafrost to ship iron ore

NunatsiqOnline profiles the engineering hurdle Baffinland Iron Ore Mines Corp. will face as it attempts to get iron ore from its inland Mary River iron ore site to ports on the coast.

Nunavut uranium mine could open by 2017

Areva's Kiggavik mine in Nunavut, northern Canada, could be open as early as 2017, CBC News is reporting.

Bad weather hits Alacer Gold Q1 output, but 2012 outlook rises

While Alacer reports lacklustre production in the fourth quarter due to poor weather conditions in Turkey, it increases overall guidance for the year.

ENRC swallows Kazakhstan coal producer for $600 million

Eurasian Natural Resources Corporation (ENRC) has paid US$600 million for the remaining 75% of Kazakhstan coal producer Shubarkol Komir.

Syria trying to sell gold reserves as sanctions begin to bite – sources

Syria is trying to sell gold reserves to raise revenue as Western and Arab sanctions targeting its central bank and oil exports begin to bite, diplomats and traders said.

British government urges Anglo American and Codelco to reach amicable resolution

Chile's state-owned mining company Codelco, the world's largest copper producer London-based Anglo American (LSE: AAL) should try reaching a negotiated solution to the ongoing dispute about Codelco’s stake in Anglo’s Sur unit, said British ambassador to Chile, Jon Benjamin.

Polymetal to raise gold production at Varvarinskoye by 10%

Polymetal bought the Varvarinskoye gold and copper deposit from the Kazakhstani Orsu Metals in November 2009. The deposit's reserves were estimated at 92.2 million tons of ore (3.103 million ounces of gold).

European auction to see record levels of mining equipment offered

Ritchie Bros, the world’s largest industrial auctioneer, is to sell more than 1,600 industrial equipment items and trucks to the highest bidders in an unreserved public auction to be held in Moerdijk, Netherlands on April 19 / 20.

IMF forecast gets more upbeat

The International Monetary Fund increased its outlook for the world's economy on Tuesday, saying it expects global GDP to expand by 3.5 per cent this year.

Unheard of mineral discovered in a cave in Spain

A team of researchers from the Geological Survey of Spain and the Complutense de Madrid University has discovered a new mineral, the zaccagnaita-3R, in a cave known as “The Soplao,” located in the historical northern region of Cantabria.

The meek shall inherit the earth, but not its mineral rights: Meet mining's 40 richest billionaires counts more than 90 billionaires involved in minerals, metals and mining on the planet with a combined wealth of well over $300 billion.

It's crunch time for UK Coal as it heads for big restructuring

The very survival of Britain?s coal mining industry depends on the success of a massive restructuring of UK Coal, which is to be announced in the next fortnight.

Melting Arctic is nothing but good news for the mining industry: Lloyd's/Chatham House

The melting ice cap in the Arctic sea could open up access to immense mineral reserves, attracting billions of dollars in investment, but also bringing with it unique risks and challenges, says Lloyd’s/Chatham House latest Risk Insight report.

Eldorado's Greek, Romanian assets will help grow gold output 160%

Eldorado Gold's updated guidance stresses the integration of newly acquired assets in Greece and Romania to help achieve 1.7 million ounces of gold production company-wide in five years.

China soft landing likely, says World Bank

The Chinese economy is likely to land softly, rather than with a jolt, with growth forecast at 8.2% this year and 8.6% in 2013, according to The World Bank.

Gold slips for second straight day, spotlight on Europe

Despite the slight drop on Thursday, the gold price is still set for its largest weekly gain in six weeks, thanks to the toll the re-emergence of Europe's debt crisis has taken on investor risk appetite.