Luxembourg based ArcelorMittal is still planning to double output at its Andrade iron ore mine in Brazil's Minas Gerais state despite its decision to temporarily halt a USD 1.2 billion expansion project at its Monlevade steel plant in the same state.
Europe Mining News
Israel-headquartered diamond manufacturing company Dalumi is set to launch a new jewelry line, “Golden Diamonds Collection,” at the upcoming Hong Kong trade shows.
London copper edged up on Tuesday, buoyed by news that China was pushing ahead with efforts to boost the development of electric cars, which may result in a spike in copper demand.
Gold futures declined for the third time in four sessions as the dollar’s rebound reduced the appeal of the precious metal as an alternative asset.
Rusal, the world's largest aluminium producer, is expected to see a substantial drop in fourth-quarter profit margin due to lower prices of the metal, although temporary shutdowns by high-cost producers would limit any further downside.
According to a new report by MarketWatch, gold's allure is shifting to a new generation. Many people in their 20s and 30s have little faith in equities and, unlike older investors, are more inclined to consider alternative investments. Others seek tangible, hard assets as a counterweight to stocks, bonds and cash in the aftermath of the 2008 US financial crisis. And these new investors are not just gold hoarders of the doomsday variety.
Global commodities trader Glencore (LON:GLEN) is making inroads into South African coal. Reuters reports that Glencore has signed a deal to buy energy trader Mercuria's 15 percent stake in South Africa's Optimum Coal Holdings (OCH) in its drive to acquire the whole company worth around $1 billion, sources close to the agreement said. Completing the Optimum acquisition would make Glencore South Africa's fourth-largest coal exporter, without including Xstrata's tonnage, for which it provides advisory services.
Gold for December delivery only briefly broke the psychologically important $1,800/oz level on Wednesday and in after hours trade pulled back sharply to trade at $1,770.50. Gold failed to take advantage of its traditional role as a hedge against inflation and a safe haven in troubled economic times, despite European Union finance ministers failing to make progress on ways to shore up the zone's sagging banks and Italy's deepening credit crisis. Bullion's failure to build on a three-day rally also comes after data out this week showed a quickening in demand from China's consumers who bought a record 56.9 tonnes in September, a sixfold increase year-on-year.
Mining company Grängesberg Iron AB and the Swedish Transport Administration have signed a co-operation agreement on investigations regarding future ore train traffic between the iron ore mine in Grängesberg and the Port of Oxelösund. The mining operations in Grängesberg are planned for a re-start by 2015, with the aim of producing 2.5 Mt/y of iron ore products.
The Guardian reports Scottish ministers are expected to order a public inquiry into plans to build the UK's only new coal-fired power station with carbon capture and storage (CCS) technology after it suffered another serious setback. The latest delay follows unprecedented public opposition to the $4.8 billion project and will also damage proponents of CCS – where CO2 emissions are sequestered underground – and the so-called 'clean coal' lobby. Only two small coal CSS pilot projects exist worldwide: Schwarze Pumpe in Germany and Mountaineer Power Plant in West Virginia.
Stock in White Tiger Gold received another 6.6% bump on Tuesday, bringing its gains over the past week to 38.5% after the company announced it has secured a $15 million loan to ramp up production at its Lamaque project in Val d'Or, Quebec. White Tiger has experienced a flurry of corporate activity recently, installing new senior management and expanding the Lamaque project after sealing the takeover of Century Mining after months of delays due to action from unhappy minority shareholders.
MarketWatch reports gold futures closed higher Monday, coming to within striking distance of the $1,800 an ounce level, as ongoing concerns over the euro-zone debt crisis and reports that Germany rejected calls to use its gold reserves to help shore up the region’s rescue fund helped boost prices. Gold for December delivery rose more than 2% earlier in the day to trade at $1,794, a six week high. Bullion is now up almost $200/oz from lows hit at the end of September when it briefly changed hands for less than $1,600/oz.
PhosAgro (MICEX, RTS, LSE: PHOR), a leading global vertically integrated phosphate-based fertilizer producer, announces its production update for the nine month period ended 30 September 2011.
Germany's Economy Minister Philipp Roesler has responded to recent media reports that the G20 summit at Cannes discussed using reserves to boost euro zone bailout funds by saying the country's gold reserves must remain untouchable. Germany Economy
The steelmaking firm has received acceptances for its proposed share swap and relocation to Britain from just over 98% of its shareholders, allowing it to proceed with a premium London listing. Russian steelmaker Evraz has received acceptances for its
A flurry of production cuts announced by steel firms in Europe will lead to a drop in the region's zinc consumption, although the global impact will be mitigated by continued growth in China.
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.
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.