Finnish mineral processing company Outotec more than doubled its profits for the first half of 2011.
Europe Mining News
Lundin Mining Corporation reported on Friday net income of $57.7 million for the second quarter of 2011, up 36% from the same quarter last year. The numbers were below management expectations after lower than expected metal production and higher unit costs at its flagship Neves-Corvo copper mine in Portugal north of the city of Faro (pictured). Lundin said the Tenke Fungurume mine in the Democratic Republic of Congo, its first venture beyond Europe, should start contributing to cash flows in the third quarter.
European Nickel (LON:ENK) remains well funded with cash of US$7.54 million, its latest quarterly update reveals. This compares with US$10.91 million at the start of period, though the company’s direct shipments from its Acoje project in the Philippines.
Wales Online reports mining at the historic Tower Colliery in Wales could begin again as soon as Christmas after a £30m scheme to regenerate the site was given the green light by councillors of the nearby town of Rhondda Cynon Taf earlier in the week. Tower Colliery was the oldest continuously worked pit coal mine in the United Kingdom at the time of its closure by British Coal in 1994 with a history dating back to at least 1805. It was bought out by the laid off miners and re-opened the next year before finally shutting down in 2008.
Balkan Insight reports that thirty miners have fasted for the last three days in a gallery 1,400m below the surface and 260m below sea level inside the chromium mine in the town Bulqiza, Albania. The hunger strike is an escalation of a three-week shutdown, as roughly 700 miners press Albanian Chrome, the largest employer in the country, to meet their requests of a 20% wage hike. The Bulqiza chromium deposit has been continuously mined since 1948. The Balkan state has the lowest GDP per capita in Europe.
Perth-based Scandinavian Resources has announced a dramatic jump in its Swedish iron ore resource from 200-250 million tonnes to 412.1 million tonnes.The company's shares shot up by four cents on the ASX, or 10 per cent, on the news to close on Friday at
ATHENS (AFP) - Cash-strapped Greece could save billions of euros in environmental and health costs by abandoning a reliance on coal-fired electricity production, Greenpeace activists said on Thursday. "At a time when Greek citizens are making
Breedon Aggregates Limited is now the largest independent aggregates operator in the UK, with 23 quarries, 18 asphalt plants and 27 concrete plants in England and Scotland, employing in the region of 700 people.
Nortec Minerals Corp. (TSX VENTURE:NVT)(PINK SHEETS:NMNZF)(FRANKFURT:WMQ) has signed a binding Letter of Intent with Otterburn Ventures Inc. (CSNX:OTB). The LOI gives Otterburn the option to earn up to an 80% interest in Nortec's Läntinen Koillismaa project, a 100% owned palladium-platinum–gold–copper-nickel property in north central Finland.
Copper Investing News delves into the history books and takes a look at copper mining on the island of Cyprus which is so closely associated with copper, that the word “copper” is actually derived from the Greek name for the island, Kupros. Cyprus’ copper deposits are being revalued and in 2010, around $13 million worth of copper was exported from Skouriotissa (pictured), the world’s longest producing commercial copper mine first explored in 1914 but exploited since the Bronze Age.
Bloomberg reported that the state-run power company in Serbia has received a loan from the European Bank for Reconstruction and Development to upgrade its coal mines. The market news is quoted as saying: The loan,
Stocks of London-listed Sirius Minerals, the potash development group with assets in the US, Australia and the UK, jumped 5% on Wednesday after announcing financial results for the year to end March and raising £24.3 million. The company hopes to mine the UK’s only seam of potash and has started drilling in the North York Moors National Park where it has secured mineral rights for 631 sq km of land. Sirius said York Potash has the potential to turn it into a tier one potash producer.
Gloucester Coal increased its fourth quarter sales by 16 per cent from a year earlier.
Russia's Polyus Gold says H1 2011 gold output at 611,000 ounces, up 21 percent yr/yr. Says H1 2011 revenues at $909 million versus $608 million in H1 2010.
UK coal inventories held by power companies fell in March to the lowest in almost three years after stocks were run down last year on weakening demand. According to figures from the Department of Energy & Climate Change, inventories were 9.6 million
PGM prices have been given a lift by the latest EU debt agreement but, while Europe remains a focus over the medium term, for now problems in major supplier, South Africa, are likely to come into focus.
Gold prices surged in Asian trade Monday, after US authorities failed to agree on a debt ceiling, and with no apparent progress toward a deal the financial markets have the jitters. Spot gold traded as high as $1620 an ounce at 5 p.m. Singapore time.
TEX reported that while the central government of China already decided to impose 20% of duty on export of electrolytic manganese metal from China and has been enforcing this imposition of the export duty from January 2008, the electrolytic manganese
Vedanta Resources, the mining giant buying a substantial part of Cairn Energy's Indian business, has come under intense fire from a shareholders' group over its safety record, with one worker dying every two weeks.
It is reported that the German government wants to encourage the construction of new coal and gas power plants with millions of euros from a fund for promoting clean energy and combating climate change. As per report, the plan has come under stiff
Gold held steady below USD 1,600 on Friday, after the euro zone leaders reached an agreement on a Greece bailout plan, but prices are expected to be rangebound as investors keep an eye on the progress made in US debt talks. Euro zone leaders agreed at an emergency summit on Thursday to give their financial rescue fund sweeping new powers to help Greece overcome its debt crisis and prevent market instability from spreading through the region.
According to data released by the National Statistical Committee of the Republic of Belarus, in the first half of the current year Belarus increased metallurgical production by 15.2%YoY. In particular, crude steel production increased by 5.4% to 1.395
According to the data for the first five months of the current year from the Federal Customs Service, Russia ferrous product exports decreased by 16%YoY to 13.950 million tonnes worth a total of USD 8.538 billion.
Six men, who conducted illegal excavations under the historic church in the village of Marczow (Lower Silesia Province), were arrested by the police. The detainees were looking for treasure, allegedly hidden under the church.
Gold mine plans for Tyndrum are again a possibility after the firm behind the proposals lodged a second application with the national park.Scotgold Resources had an earlier application rejected by the park authority last August.