VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 7, 2011) - Columbus Gold Corporation (TSX VENTURE:CGT) ("Columbus Gold") is pleased to announce that the track-mounted diamond core drill rig contracted for commencement of drilling at its 1....
Europe Mining News
Aurcana reports 26% increase in YTD silver production at La Negra and Shafter Silver Mine construction update
Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE:AUN)(OTCQX:AUNFF)(PINK SHEETS:AUNFF) is pleased to report silver production for Q3 2011 of 244,243 ounces that is based on just 80 days of mill production at La Negra. Year-to-date ("YTD"), silver production has increased 26% to 742,026 ounces, compared to 587,057 ounces in 2010. As anticipated, Q3 2011 silver production was slightly lower than 2010's 250,953 ounces as a result of the La Negra ball mill being down nine mill days in order to upgrade a ball mill. Due to this maintenance, total mill feed of 119,772 tonnes was 4% lower than the 125,050 tonnes for Q3 of 2010.
Rusal has refinanced loans totaling $11.4bn, the aluminum company announced today. Of this amount, Rusal repaid $4.34bn to a consortium of international lenders under a December 2009 refinancing agreement as well as $552m to Onexim Group.
As Perth-based Central Asia Resources (ASX:CVR) nears gold production from its Dalabai prospect in Kazakhstan it is already planning to bump up output beyond the forecast 25,000 ounces per year and potentially extend its current 2.7-year mine life.
The chairman of the Istanbul Gold Exchange was quoted Wednesday saying he expected Turkey to import around 70 tonnes in 2012, similar to 2011, as higher prices and a weaker lira would weigh upon demand (Reuters), although growing investment demand had helped to offset weaker jewellery demand with around 5kt (3%) of the world’s stock being held in the country.
Reuters reports that Albania is inviting bids for 151 mining licences this year, with 20 of them to be allocated through weekly competitions.
Silver jumped more than 5 percent, rising in tandem with industrial commodities led by copper and crude oil, as encouraging U.S. jobless claims data triggered gains across the board ahead of Friday's key nonfarm payrolls report.
Reuters reports copper rose to its highest in nearly a week on Thursday to close at $7,225/tonne on the LME up from Wednesday's close of $6,820 as US data hinted at an improvement in the labour market and European policymakers' comments on dealing with Greece's debt crisis calmed nerves. Copper's strong gains comes at a time when some 5,000 merchants are gathering in the British capital for London Metal Exchange week, an annual event during which supply contracts are discussed. On Monday the red metal fell to 14-month low.
EastCoal has signed a letter of intent with Aponet Enterprises under which it has acquired the right to purchase a 100% interest in the Menzhinsky coking coal mine in the Donbass district of Ukraine.
Gold and gold receivables held by euro zone central banks rose by €56.8 billion to €420 billion after a quarterly revaluation, the European Central Bank said on Wednesday. Net foreign exchange reserves in the Eurosystem of central banks rose by €13.2 billion to €191.1 billion after the revaluation, the ECB said in a weekly consolidated financial statement. The combined balance sheet of the ECB and the 17 national euro zone central banks grew by €80.8 billion to €2.289 trillion, the statement showed. The euro fell against the dollar on Wednesday as worries about a Greek default persist and one day after the first European bank had to be bailed out.
On the surface, it is just one of the many picturesque villages of Transylvania, a region called Romania’s “national treasure” by Britain’s Prince Charles for its stunning nature. But Rosia Montana, a former Roman site in the northwest, lies on one of the biggest gold deposits in Europe.
The most active U.S. gold futures contract jumped 1 percent to an intraday high of $1,635 an ounce on Wednesday as the euro rebounded against the dollar despite lingering fears about the debt crisis in Europe.
Aleksandra Tomczak, writing for the World Coal Association, says the European Commission is supporting World Bank funding for a new coal-powered plant in Kosovo.
The Independent reports the first coal to be mined in Newcastle upon Tyne for more than 50 years could be dug on the site of a 21st century science park ahead of construction. Up to 60,000 tonnes of coal lie below what was a brewery until recently. The area was mined extensively in the 18th century and the various workings underneath make present-day building work perilous.
The Wall Street Journal is reporting that EU officials have ruled that oil derived from the oilsands is dirtier. A trade spat between Canada and Europe ensues. The European Commission, which has executive powers within […]
US stocks were driven down at Tuesday's start as Europe's debt troubles and the US employment outlook continued to rattle investors' nerves. The the major indexes were down for a third session and the S&P 500 Index SPX entered bear market territory, off 20% from its April high. The Dow Jones Industrial Average fell more than 200 points to 10,435. The S&P 500 dropped 1.7% to 1,080 and the Nasdaq Composite Index came off lightest, down 20 points. The resource-heavy TSX composite index fell more than 2% to hit a 20-month low of 11,006 shortly after the open. Unsurprisingly the carnage was greater in the Eurozone where the major indices in London, Frankfurt and Paris all lost more than 3%. The crude oil market declined further with US futures down 2% to under $76. Gold could not capitalize on the uncertainty and traded $10 lower at $1,647/oz.
Asian and European stocks were hammered by fears over the Greek debt crisis Monday, extending world market losses led by Wall Street before the weekend. Japan’s Nikkei 225 and Australia’s ASX 200 both fell 2.5% through the day, while Hong Kong’s
In what seemed to be a major breakthrough for debt-ridden Greece, it had gained trust from a Qatar-based holdings firm to invest in one of its gold-mining projects. On Saturday, Qatar Holdings LLC signed a $1 billion investment into European Goldfields
Gross polished diamond exports stood at $528 million Antwerp's traders created a half billion dollar overhang in August after their exports were slashed to 40% of their usual levels, based on figures released last week by the Antwerp World Diamond
Yaelstar cuts and polishes diamonds (illustrative photo) Yaelstar Bvba, the Antwerp-based diamond cutting and polishing manufacturer, has achieved certification meeting the Responsible Jewellery Council’s ethical, human rights, social and environmental
While Gold may have to tackle near-term pressures, the rising macro and financial market insecurity continues to provide a gold-supportive backdrop. And Barclays retain their positive view on gold.
Central banks in emerging markets continued to build up their gold reserves in August, data from the International Monetary fund showed, with Thailand, Bolivia and Russia all adding to holdings last month. Thailand bought 9.3 tonnes of gold in August,
Reuters reported Norilsk Nickel (LON:MNOD) is in talks with banks for a loan of up to $3.5 billion to buy back shares.
Spot gold and U.S. gold futures rose 1 percent on Friday after German approval of a stronger bailout fund to counter the euro zone debt crisis.
Country risk is one of the most important factors in mining, and a new study ranks Australia as the seventh best place to mine in terms of risk. Topping the list was Finland, which got a low score of 7, followed by Chile (9.7), Burkina Fasso (11), Botswana and Sweden (11.3), U.S. (11.4), Brazil (11.9), Canada (12.4) and Argentina (13.1).