Europe Mining News

Silver, gold fall on global cues

Silver and gold prices fell further at the bullion market on moderate selling by stockists and investors amidst continuing bearishness in the global markets. Silver ready (.999 fineness) declined by Rs 125 per kg to end at Rs 51,585 from Friday's level of Rs 51,710.

Copper hits nearly 2-month high after Greek vote

Jun 29 (Reuters) - Three-month copper on the London Metal Exchange hit its highest in nearly two months on Wednesday at $9,280 a tonne as the euro rallied on optimism Greece will be able to avert a default, after its parliament backed an austerity bill.

Copper steady on relief over Greece, end of H1

* Copper hits two-month high * Copper stocks fall for sixth session (Updates after U.S. data) By Melanie Burton LONDON, June 30 (Reuters) - Copper h it its highest in two months on Thursday , supported by investors' greater appetite for risky assets

Brazil's Samarco orders world's largest iron ore pelletizing plant

Outotec has agreed with Samarco Mineração S.A. on a turnkey delivery of the world's largest iron ore pelletizing plant in Brazil. The contract value is approximately EUR 200 million, which will be booked in Outotec's second quarter order intake.

China pays more in new potash deal with Russia, Belarus

Belarusian Potash Company, the agent for Uralkali and Belaruskali, has sold potash to two Chinese fertiliser importers at prices $70 a tonne higher than in the first half.

Tata Steel aims at investing at early stage of mine

Entirely reliant on non-captive sources to feed its plants in Europe, Tata Steel will stick to long-term policy of being an "early stage investor" when it comes to acquiring raw material assets, a senior company official said.

Nickel prices continue to slide

Nickel is projected to be in a surplus over the next year and a half, as weak stainless steel demand has caused cuts in production. There are supporting factors as the market heads for its bottom.

World number two potash producer says prices may reach $600/tonne by end of year

Reuters quotes the chief executive of Russian potash producer Uralkali telling an investment conference in Moscow on Tuesday that spot potash prices could reach $600 per tonne by the end of the year. Uralkali also said it was considering entering into a transaction with Belaruskali, contradicting a Belarus deputy prime minister who earlier said the $20bn state-owned company was not for sale. A Belaruskali-Uralkali merger would create a group with annual production of 21m tonnes, dwarfing current number one Canada’s Potash Corp.

Tata Steel to use Riversdale cash to fund India capacity expansion

Tata Steel Ltd will use the $1.12 billion ('5,030 crore) it earned from the sale of its 26.3% stake in Australia's Riversdale Mining Ltd to fund the expansion of its steel-making capacity in Jamshedpur and Kalinganagar, as well as mining operations and capital expenditure in its European operations.

Minerals Technologies’ Ferrotron unit announces revolutionary new laser-scanning technology for use in worldwide steel industry

Minerals Technologies announced today that its Ferrotron Division of subsidiary Minteq International Inc., has released the LaCam-Torpedo measuring system, a revolutionary way to measure refractory lining thickness in hot torpedo ladles.

Potash producers raising prices on ‘almost a constant basis’

Nasdaq reports farmers want so much fertilizer to meet demand for agricultural products that potash producers are raising their prices on an almost constant basis now. Back in January 2010, German potash producer K+S was charging 285 euros – roughly $407 – per ton of potash. As of now, bulk clients are buying potash at 363 euros or $520 per ton, a 27% net increase over the last 18 months.

Collection Pan-Arab luxury magazine joins the RJC as a supporter

The Responsible Jewellery Council (RJC) today announced that Collection Pan-Arab Luxury Magazine, the leading magazine in the Middle East, has become an official Supporter of the Council.

WDC regrets inconclusive KP meeting, urges consensus

The World Diamond Council has expressed its regret about the inconclusive end to the Kimberley Process Intersessional Meeting in Kinshasa last week. The main goal of the meeting was to finally resolve the issue of diamond exports from Zimbabwe. This did not happen.

Third chain of custody discussion papers released

The Responsible Jewellery Council on Friday released its third discussion papers on Chain-of Custody Certification for public comment. The CoC Certification system aims to enable businesses to demonstrate rigorous assurance for responsible, conflict-free supply chains for diamonds, gold and platinum metals.

GGG extends offer for Auzex Resources

GGG Resources plc (GGG) has today announced that it has extended its off-market takeover offer for all of the ordinary shares in Auzex Resources Limited (Auzex) so that it will now close at 5.00pm (Perth time) on 4 August 2011.

Are ETFs too much of a good thing?

Any industry would be proud of an average annual growth rate of 34% over ten years and of a global reach from Austria to Taiwan.

WGC launches initiative to combat conflict gold

The World Gold Council (WGC) produced a draft framework of standards designed to combat gold that enables, fuels or finances armed conflict. The standards, which were compiled together with the WDC’s member companies and leading gold refiners are designed to enable miners to produce a stream of newly-mined gold that is certified as “conflict free” on a global basis. Image of Ethiopian soldier is from Wikipedia.

World class underground operating practice in Bulgaria

In less than a year from now Chelopech aims to break the mould in continuous improvement of underground mining bringing world-leading underground operating practice to Bulgaria. John Chadwick will report in detail in the magazine about the attention to detail, reliable and innovative communications, some of the latest trackless mining technology, commitment and passion that are all coming together at the Chelopech copper-gold mine in Bulgaria (IM, October 2006). Read more

Greece: it's not Lehman

Stock market bulls bellowed yesterday as bourses around the globe rocketed higher. Several major European markets were up more than 2%, and the S&P vaulted 1.3% higher on the day. Unusually, bonds did notsell off with comparable ferocity, nor did commodities shoot drastically higher – indeed, gasoline fell more than 1% on the day.

FT: Greek savers rush for gold

The Financial Times reports Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and a run on the banks. Pledges by socialist prime minister George Papandreou that his government would “save the country” have been widely discounted by the public.

Highland Gold positive on Blagodatnoye and Belaya Gora Flanks properties

Highland Gold Mining said data from Blagodatnoye indicated a gold-mineralised zone of about 500 metres by 400 metres at a depth of 200 metres

Gold in sterling hits record

Gold priced in sterling hit a lifetime high around 954 pounds boosted by continued concerns about the debt crisis in Europe Gold priced in sterling struck a lifetime high around 954 pounds on Wednesday, fuelled by lingering worries about the debt crisis

Connemara Mining – preliminary results for the year ended 31 December 2010

Good results continue to flow from drilling in the Stonepark region in Limerick

Alrosa Production, Prices Up in Q1, Revenues Total $1.1B

Alrosa’s first quarter of the fiscal year ended with a 5% decline in revenue, 29.6 billion rubles ($1.06 billion) despite rising rough diamond prices. Net profit for the period has however increased by 42% to 12.04 billion rubles ($431 million).

LME board struggles to reform metals warehousing logistics

The board of the London Metal Exchange has been unable so far to reach agreement on a way to resolve aluminum access issues from warehouses owned by a unit of Goldman Sachs. However, the U.K. Office of Fair Trading has determined there are no obvious competition issues meriting further investigation of complaints that ownership of warehouses give certain metals market players' unfair advantage.