Greek Prime Minister George Papandreou surprised European leaders when he called for a referendum on the new aid package for Greece. Since then, the referendum has already been cancelled.
Europe Mining News
Going back to the annals of brokeback Europe, we learn that gold after all is money, after the G-20 demanded that EFSF (of €1 trillion "stability fund" yet can't raise €3 billion fame) be backstopped by none other than German gold.
Gold eased at the end of the week amid a surge in the US dollar, but still managed to post weekly gains after Thursday’s rally on the back of the cancellation of a controversial referendum in Greece.
Anglo American (LON:AAL) has discovered what could be Europe's largest nickel deposit in a bog in Finnish Lapland. Helsingin Sanomat reports exploration drilling by the British-American mining giant has found samples of ore containing 4% nickel in the Viiankiaapa mire area north of Sodankylä. That compares to 0.4% nickel in the nearby Kevitsa deposit being developed by First Quantum Minerals (TSE:FM), which has spent about 300 million euros constructing a new copper-nickel mine. The news site says Anglo American plans to double the number of drill holes to chart the width and depth of the deposit. The ore body is believed to extend to the surface and measure one kilometre long by half a kilometre wide.
Ripples of the Fukushima nuclear disaster are still being felt in the uranium sector. French nuclear power company Areva (AREVA:PA) said on Wednesday it is suspending a uranium project in the Central African Republic due to slumping uranium prices, which are down about 30% since the disaster in March. The accident at the Fukushima Daiichi plant following the Japanese earthquake and tsunami has taken the steam out of uranium mining and nuclear power which prior to the accident had been touted as a safe and economic alternative to fossil fuels.
Goodyear is launching ‘Goodyear at your Service’, a brand new program to benefit Off The Road (OTR) tyre users. Available to all off-road tyre users in the Europe, Middle East and Africa region, the company states that the new internet-based program will ensure that each customer gets the best possible expert support when purchasing and operating Goodyear tyres.
Gold advanced for a second day as concern that a Greek referendum will threaten Europe's plan to end the region's debt crisis spurred demand for a haven.
The decision to hold a referendum on the euro zone debt deal is roiling the markets. S&P/TSX Composite Index is down 1.68%, and the TSX Venture Exchange has lost 2.65%. Spot gold fell from yesterday's close of $1,715.10 and is currently trading at $1,707/oz. Gold majors Newmont Mining declined 2.06% and Barrick Gold slid 2.16%. Prime Minister George Papandreou announced a surprise referendum on the euro zone deal that was reached last week.
Swedish engineering firm Sandvik AB (STO:SAND) announced today that 365 employees will lose their jobs as a result of company restructuring. The firm said the cuts resulted from a policy implemented in September at its Materials Technology division whose main objective is to "sustainably reduce the overall cost structure by approximately 500 MSEK over a two to three year period, through such measures as reducing costs for staff and administration..." The layoffs will affect 500 Sandvik employees worldwide including 365 in Sandviken and Hallstahammar, Sweden.
UK manufacturer Sheffield Forgemasters has been offered a government loan of up to £36 million ($57 million) "to continue its drive into civil nuclear and steelworks plant production." The money will be fully repaid in time, but should help the compa...
IP/Resistivity survey at Empire Mining's Karapinar copper project in Turkey outlines a strong chargeable anomaly 800 x 800 meters across, indicating possible significant extension
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2011) - Empire Mining Corporation (TSX VENTURE:EPC) ("Empire") is pleased to announce results of the IP/Resistivity survey and of the drilling program recently completed at its Karapinar c...
Euphoria hit the financial markets as the news was announced of a one trillion euro bailout package. The large European banks jumped by as much as 20% in a single day increasing their market caps by billions. This burst of excitement followed through to the United States where the DOW leaped forward as the banking sector lead the way to higher ground.
- 13:11 GMT Location: London KEYWORDS: Erdemir , Turkey , steel Turkey’s biggest steel producer, Erdemir, has posted a 49% surge in earnings before interest, taxes, depreciation and amortisation (Ebitda) year-on-year for the first nine months of 201...
Great Western Minerals Group announces pricing on previously announced $15 million private placement
Great Western Minerals Group Ltd. (TSX VENTURE:GWG) (OTCQX:GWMGF) ("GWMG" or the "Company") is pleased to announce that the Company and a syndicate of agents co-led by Byron Capital Markets Ltd. ("Byron") and Cormark Securities Inc. ("Cormark") and including GMP Securities LP ("GMP") (collectively, the "Agents") have priced the Company's previously announced private placement (the "Offering"). The Agents will offer an aggregate of 23,810,000 of common shares (the "Offered Shares") of the Company at a price of $0.63 per share (the "Offering Price"). In addition, the Company has granted the Agents an option, exercisable at any time up to 48 hours prior to closing of the Offering, to place up to an additional 3,571,500 Offered Shares at the Offering Price for additional gross proceeds of $2.25 million, if the option is exercised in full. The Company expects that closing of the Offering will occur on or before November 10, 2011.
Turkish longs exports, which in mid-October were touching $675/t to $690/t fob, have now sunk to levels of $655-660/t (€463-466/t) fob for rebar and $670/t fob for wire rod (mesh).
Mechel OAO, one of the leading Russian mining and metals companies, has announced that its Southern Urals Nickel Plant has opened an experimental industrial complex to produce ferronickel. The industrial complex will produce ferronickel by electric smelting. The complex's launch is part of the reconstruction of the plant's smelting facilities, aimed at increasing production efficiency, lowering production costs and dramatically reducing the volume of waste released into the atmosphere. The new technology will also allow the plant to significantly decrease operating costs by excluding several expensive components from the technological cycle. The 12MW complex's annual production capacity is some 4,500 t of ferronickel, with an average 20% nickel content. The smelting complex was designed by Bateman Engineering in South Africa, based on state-of-the-art technical developments employed for the ferroalloy industry and environment protection. In developing the project Bateman used an integrated approach, which made possible a combination of lower production costs with higher metal extraction levels and improved equipment endurance and reliability."Launching this unique industrial complex for ferronickel production, with its 12MW electric furnace, which will be used to master the technology and train our personnel, marks the beginning of the plant's sweeping modernisation. The development strategy implemented by the plant is due to ensure not only the present, but also the future for South Urals Nickel Plant and dramatically improve the facility's economical and ecological parameters," Mechel OAO's Chairman of the Board of Directors Igor Zyuzin said in a statement.
The Guardian reports the approval for Britain's only commercial goldmine despite opposition from environmental groups has sparked fears for the Loch Lomond and the Trossachs National Park national park. The mine is around 1 kilometre inside the park boundary. It was the second time Sydney-listed mining company Scotgold had applied to mine gold and silver at the Cononish site, which it bought in 2007. It was turned down last year over concerns about waste – 400,000 tonnes will be produced over the mine's 10-year life – and rehabilitation. At current prices, Scotgold believes there could be around $275 million of the precious metals at the site and it could start producing ounces early in 2013.
PhysOrg reports Yorkshire Cancer Research has awarded scientists at the University of Bradford and the University of Leeds over £44,000 to carry out research into whether silver could be used as a treatment for cancer. Drugs containing metals such as platinum and copper have already been proven as effective treatments for cancer, but they cause severe side effects and are very harmful to normal tissues.
Reuters reports Romania has launched the sale of its biggest copper mine Cupru Min SA Abrud via a tender, the government's industry privatisation office said on its website. The deadline for bids is Jan. 17 deadline. Romania wants to sell 100% of the mine which sits on about 60% of the European Union member's copper reserves equal to roughly 900,000 tonnes. Cupru Min is based in Abrud, Alba County, Romania and operates the Roşia Poieni copper mine. The company says deposits amount to more than 1 billion tons ore with an average of 0.36% Cu and 1.8% S. Copper production began in 1983 and the designed capacity of the mine is 9 million tons of ore extracted and processed per year with expansion to 15 million tons per year.
BBC footage shows arrest being made in a campaign to crack down on dealers who buy stolen metal that has been launched by the Transport Police in Yorkshire, England. Copper theft on railways has led to thousands of hours of delays to passengers every year. Yorkshire authorities say the problem is costing them millions a month.
After numerous jukes and headline rumors, the world finally received a so-called EU solution. After threatening with a total insolvency Greece situation, European leaders were able to talk bondholders into accepting a 50% haircut on Greek debt.
The company's board has approved a strategy that envisages investments to the tune of $35 billion between 2011 and 2025 to expand its resource base and raise output. The board of Russian miner Norilsk Nickel has approved a strategy that envisages
As Occupy Wall Street protesters continue to linger around town squares across North America and Europe, precious metals commentator Peter Schiff wades into the maelstrom.
After sensing that Europe's economic tailspin may have been halted, the markets and commodities opened higher. The S&P/TSX Composite index was up 2%, and the Dow Jones-UBS Commodity Index was up 1.59%. Spot gold was largely unchanged from yesterday's price at $1725/oz. Oil was up sharply. ICE North Sea Brent crude was up three percent to $112.23 a barrel, and the Dow Jones U.S. Oil & Gas Index was up 2.45%