Europe Mining News

Power cut hits Rio-owned UK aluminium smelter

One of the production lines at Rio Tinto Alcan's Lynemouth aluminium smelter was knocked off line by a power cut, while production was partially curtailed at the other.

New tailings treatment plant for Svappavaara iron ore

Metallurgical specialist technology company Outotec has been awarded a tailings treatment package for the old Svappavaara iron ore mine in northern Sweden.

Gold, Swiss franc no longer safe havens – UBS

According to a letter from UBS's investment chief, as the world enters 2012 neither the yellow metal nor the currency will provide investors with safe harbour.

Putin's plan for world dominance: oppose hydraulic fracturing

At a news conference in early November, Overheard reports that Vladimir Putin became quite critical of hydraulic fracturing claiming that the practice causes too much damage to the environment.

France's Credit Agricole to quit commodities trading

The French bank has announced plans to stop trading commodities and cut down on commodities trade financing as it struggles to cope with a credit crunch.

Poland has no plans to change mining tax – Minister

Poland's finance ministry says it does not plan to alter its proposed mining tax aimed mainly at state-controlled copper miner KGHM, whose shares are at their lowest since August 2010.

Gold rebounds in London after previous sessions fall

Spot gold prices rose on Thursday after a sharp fall in the previous session but intensifying worries about the euro zone are keeping investors on edge

Life at the coal face: Who are the UK's 21st Century miners?

"You get filthy and my nails have never been any good but I absolutely love being a miner." Stuart Foweather started at Cadeby Colliery in Doncaster in 1978 as a 16-year-old apprentice.

Exeter University and BGS join together in a “critical” alliance

In response to growing unease over supply of critical metals for high-tech manufacturing and green technologies, the British Geological Survey (BGS) and the University of Exeter have agreed to join forces in a new initiative to improve research capability in this vital area. The ‘Critical Metals Alliance' agreement signed on December 13, 2011 consolidates long-term links between the British Geological Survey and the University of Exeter/Camborne School of Mines (CSM).

New Bridon mining ropes factory in UK

Bridon International has invested £30m in a Tyneside factory that will produce multi-strand ropes in gross package weights of up to 650 t - which according to Bridon will make them by far the largest and most complex in the world. The facility will enable Bridon to offer unrivalled strength, safety and durability in mining applications such as dragline hoist and drag ropes and electric mining shovel ropes on the surface and deep mine hoists for underground mine shafts.

Precious metals fall as market pans euro deal

Precious metals took a beating in the markets on Monday, with gold and silver falling in inverse relation to a 1% rise in the US dollar. Gold for February delivery crashed $52.60 to $1664.20 an ounce at Comex in New York. Silver sunk $1.20 to $31.05/oz.

Lundin Mining foresees a rise in zinc and copper production in 2013 and 2014

Lundin Mining (TSE:LUN) said Monday that higher grades of ore and a ramp up of production is expected to boost zinc and copper production in 2013 and 2014.

Mr Putin intervenes to save jobs at aluminum smelter

Reuters reported that Mr Vladimir Putin PM of Russia facing a wave of voter outrage as he prepares a bid to return to the Kremlin intervened to prevent an archaic 67 year old aluminum smelter with 3,500 workers from closure. Mr Putin was informed at a...

Gold gains as European leaders tackle crisis; palladium rallies

Gold rebounded from the biggest decline in more than two weeks as European leaders worked to agree on a plan to save the euro and defuse the debt crisis.

Jericho owner strikes deal with Belgian diamond firm

The owner of what was once Nunavut’s first and only diamond mine, Shear Diamonds Ltd., on Dec. 8 struck a deal with a Belgian diamond dealer that will give Shear the cash it needs to recover and sell diamonds from the mothballed site’s existing stockpiles.

3 criteria for EU QE and why it would be explosive for gold

UBS believes that if three criteria are filled over the coming months, Europe could well see quantitative easing and that would be very good for gold.

Gold climbs on strong euro, cautious over EU debt resolution

The gold price climbed on Friday, but the uncertainty around the euro zone's ability to resolve the two-year-old debt crisis remains a concern in the market.

Gold falls 1.5 percent on ECB disappointment

Gold fell on Thursday after the head of the European Central Bank played down expectations that the central bank would dramatically increase the measures it is using to fight the debt crisis, thereby undermining the euro.

The Euro debt crisis: an American analogy

There may be a precedent for the situation in which the Eurozone finds itself. Across the Atlantic, the United States of America once faced a similar challenge.

European Goldfields halted after report of Eldorado bid approach

European Goldfields Ltd. (EGU) shares were halted on the Toronto Stock Exchange after a report the developer of mines in Greece has been approached about a takeover by Eldorado Gold Corp. (ELD).

Gold falls as threat of credit downgrades pressures Europe leaders to solve financial crisis

Gold prices fell a second day as the prospect of credit downgrades created more pressure for European leaders to agree on a plan to solve the region’s financial crisis.

Poland's KGHM bids $3.5 billion for Quadra FNX; shares up 39%

Quadra FNX Mining (TSE:QUX) is up a whopping 39% today on news of a multi-billion-dollar takeout bid. The Canadian base metals producer with offices in Toronto and Vancouver said it has agreed to have all its outstanding shares and warrants acquired by KGHM Polska Miedź S.A. (KGHM) for $3.5 billion. Quadra FNX has operating mines in Ontario, Arizona, Nevada and Chile, where the company is also developing the Sierra Gorda copper-molybdenum mine. The project is a joint venture between Quadra FNX and Japanese metals producer Sumitomo Mining.

Gold still one of the best portfolio diversifiers

Gold is still the king of commodities when it comes its role as a diversifier and foundation asset in the portfolios of euro-based investors, says the new report "Gold as a strategic asset for European investors," commissioned by The World Gold Council (WGC).

Fairfax impressed by potential at Anglo Gedabek mine in Azerbaijan

Broker Fairfax has concluded Anglo Asian Mining?s gold and copper mine at Gedabek in Azerbaijan may be significantly larger than first thought after a visit last week.

Platinum producers sign far-reaching wage pacts

Lonmin joined AngloPlat and Implats, this week signing a far-reaching two year wage pact ensuring a steady supply from Southern Africa where 75% of platinum is produced. The price of platinum has crashed from $1,915/oz in August as PGMs come under pressure due to sagging demand from the automobile sector which is slashing use of the precious metals to cut costs. And miners reducing supply to up prices is unlikely say analysts.