Europe Mining News

UK Coal evicts protesters

UK Coal has successfully evicted a group of protesters from a proposed opencast site in Shropshire. The Doncaster-based company successfully secured an eviction notice against the campaigners, who have been illegally camped at the New Works site.

Tensions running high over gold-silver project at Roman-era site

The Times and Democrat reports in the ancient town of Rosia Montana in Romania (pictured), tensions are running high between supporters and opponents of the proposed gold mine by Canada's Gabriel Resources. Gabriel Resources in its latest financial results showed it has accumulated over $175 million in cash and equivalents to move ahead its Transylvania project in an area where galleries used by Roman miners during the first century still exists. It has been more than a decade since the company first obtained the Rosia Montana concession, believed the be one of the richest in Europe, holding some 10 million ounces of gold and 65 million ounces of silver, and it needs several more endorsements, zoning permissions and reviews before it could start mining.

Finland's Talvivaara warns on production and nickel price

Finland's Talvivaara missed Q2 earnings expectations and produced 3,951 tonnes of nickel in the quarter adding that its nickel output for the year will be towards the lower end of its 22,000 to 28,000 tons guidance. The miner warned that the short term outlook for nickel – which has declined to its lowest level in 2011 at around USD 21,000 per tonne – is uncertain and volatility across the base metals complex is likely to remain high. On the other hand, the global nickel market has remained in a deficit throughout the first half of the year with LME nickel stocks currently around their lowest levels since early 2009.

Gold gets above $1800 as bad economic news piles on

Gold futures on the COMEX traded above $1,800/oz on Thursday as bad economic news continues to mount and market sentiment turns. On Thursday, the S&P/TSX Composite index fell nearly three percent. The S&P/ASX 200 was off 3.51%. Markets worry that Europe could pull the world economy down due to a spreading euro-zone fiscal crisis.

Norilsk Nickel Offers $8.75 Bln To Buy Back 15 pct Stake Held By UC Rusal – Update

OJSC Norilsk Nickel Mining and Metallurgical Co. (NILSY.PK: News ) Friday said it has proposed to buy back 15 percent of its stake held by Russian aluminium firm UC Rusal for $8.75 billion. As per the offer, Norilsk Nickel, Russia's largest

Bulgaria's ore exports rise 10 pct in H1 2011 – industry group

Bulgaria's ore exports are seen to have grown by 10 per cent in the first half of 2011, according to estimates by the Bulgarian Chamber of Mining and Geology (BCMG). The country's exports of metals, minerals and other resources were worth five billion

Global Economic woes weigh heavily on revival in European steel market

Steel market has been expectant of a revival in European and MENA region after the summer and Ramadan holidays. Aspirations for the revival are based on absence of buying in the entire of Q2 in these regions owing to economic and political reasons.

Renova in talks to buy Ukrainian metals assets

Kommersant cited unidentified people close to the matter as saying that Mr Viktor Vekselberg Russian billionaire Renova Group is in talks to buy metals assets of Viktor Pinchuk EastOne LLC.

Black Iron: Forbes and Manhattan’s next big iron ore play

Black Iron (TSE:BKI) is an emerging Canadian iron ore exploration and development company advancing its 100% owned Shymanivske Project in KrivoyRog, Ukraine. While the company’s core focus is currently with Shymanivske, it also holds permits to a 3.36

Statoil loses in Alberta, wins big in North Sea

An Edmonton court was told on Wednesday that Norwegian energy giant Statoil will admit to some environmental infractions in relation to water use at its oil sands operations in northern Alberta. The news comes on the same day that the state-owned company announces a North Sea oil field discovery with total yield of between 500 million and 1.2 billion barrels of oil, making it the largest discovery there in 30 years. Around 70 oilfields are in production on the Norwegian continental shelf, producing some 2.1 million barrels per day. Canada's oil sands produce 1.5 million bpd, a figure that is expected to more than double by the end of the decade.

Iberian Minerals reports Q2 net income of $47.8 Million

Iberian Minerals Corp. (TSX VENTURE:IZN) today announced financial and operating results for the three and six month periods ended June 30, 2011, with comparative figures for the three and six month periods ended June 30, 2010. The Company reported net income of $47.80 million for Q2 2011, representing $0.13 per share.

BHP profit to top $2.5 million per hour

The market is expecting BHP Billiton to post record-setting annual profits of $US22.1 billion next week on revenues forecast to be a staggering $71.9 billion. BHP investors, whose stock has hardly moved in a year despite stellar growth rates at the Melbourne-based company, would want to hear if another share buyback will follow the $10 billion round completed in June and any update on its purchase of Petrohawk. The world's biggest miner has a history dating back 150 years and its operations span the globe from potash in Canada (pictured) and coal in South Africa to nickel in Australia and copper in Chile.

ECB gold reserves unchanged at 363 billion euros in week

Gold and gold receivables held by euro zone central banks remained unchanged at 363.25 billion euros in the week ending Aug. 12, the European Central Bank said on Tuesday.

China looking at coal, nuclear projects in Romania

Chinese companies mull investing in Romania's nuclear and coal sectors, Mediafax reported after the visit of the Romanian government delegation, headed by PM Emil Boc, to China.

MMC Norilsk: results of Directors meeting

Moscow - The scheduled in-person meeting of the Board of Directors of OJSC MMC Norilsk Nickel (hereinafter: MMC Norilsk Nickel or the Company) took place today. The agenda consisted of a single item: announcement of the public offer to purchase

Potash Corp. leads fertilizer stocks on rampage

A string of positive developments have lit a fire under North American potash stocks with Potash Corp. of Saskatchewan leading the charge. The industry bellwether has made investors almost $5 billion richer since Tuesday after an Indian bid for Belarus's state-owned producer valued that company at close to $30 billion. The news came after the EU's largest player said its profits could jump 40% over the next six months and disappointing corn harvests in the US boosted demand for the soil nutrient. Potash Corp. dragged higher the whole sector which also saw the listing of a potash from waste firm on Monday.

Ormonde-Antofagasta venture to extend Spain copper project

Ormonde Mining announced on Monday it has been awarded four new permits, which extend the area of the La Zarza copper project in the Huelva Province of southern Spain by around 95 square kilometres. La Zarza is being developed in a joint venture of London-listed Chilean miner Antofagasta dating back to October 2009. In terms of the deal Antofagasta could earn an initial 51% interest in the La Zarza permit area by spending US$7 million over a three year period on exploration activities.

Yukon-Nevada Gold closes $120 million agreement with Deutsche Bank

Yukon-Nevada Gold announced that it has closed the Forward Gold Purchase Agreement with Deutsche Bank AG. Deutsche Bank has funded a US$120 million prepaid gold forward facility to Queenstake Resources USA, Inc, a wholly-owned subsidiary of the Company. The facility is a forward contract structured to deliver 173,880 ounces of gold over a 48 month term.

Gold declines a third day in London on reduced investor demand

Aug. 15 (Bloomberg) -- Gold declined for a third day in London as gains in equity markets tempered concerns that economic growth is slowing and reduced demand for the metal as a protection of wealth. The MSCI All-Country World Index of equities climbed

Eskom signs uranium deal with Russia

POWER utility Eskom yesterday signed a long-term contract with Russian state uranium trader Tenex to supply enriched uranium, according to the head of Russia’s state nuclear corporation, Rosatom, which owns Tenex. Low-enriched uranium is used as fuel

Belgian Diamond Industry Joins Fight Against Famine in the Horn of Africa

The Antwerp World Diamond Centre (AWDC) is joining the battle against famine in the Horn of Africa and other humanitarian disasters by supporting the Belgian Consortium for Emergency Relief, 1212.

Tata Steel’s profit increased three-fold

Tata Steel has reported its net consolidated profit increased three-old, amounting to Rs 5,346.55 crore. The said profit is for the first quarter ending on June 30.

UK Investment fund credit line for Bor copper company in Serbia

UK London based Investment fund “Red kite mine”, will provide credit of 30 million Euros for opening of copper and gold mine Cerovo 1, within the Mining basic company Bor (RTB).

U.S. may ship more coal, raising EU supply

The U.S. may increase coal exports, further boosting supply of the commodity in Europe, Macquarie Group Ltd. (MQG) said. “A big push” to encourage natural-gas burning in the U.S. may drive up coal exports to Europe, China and India, said Hayden

Stockpile: Gold companies take advantage of improving market

Mining companies on London’s main market showed improvement this week to recover some of the significant losses that have hampered global stocks during August.