Europe Mining News

A guided trip down Somersetshire Coal Canal memory…

Guided tours of a gem on the Somersetshire Coal Canal will take place this weekend as part of national Heritage Open Days. The main line of the vital route needed to overcome a height difference of 138 feet between the Kennet and Avon Canal and Timsbury

Rosia Montana Gold Corporation to take USD 700 mln loan for Romania gold mining project

Rosia Montană Gold Corporation (RMCG) will borrow USD 700 million from a consortium of banks led by the Royal Bank of Scotland to cover the costs of the gold mining project in Romania. The loan would cover two thirds of the needed amount for the

French miner Eramet to invest $450m in Halmahera Nickel project

10-SEP-2011 Intellasia | Jakarta Globe Free newsletter - click here In a move expected to give eastern Indonesia an economic boost, a French mining group plans to invest in a nickel mining project in North Malaku. "Eramet will have spent around $450

Barings adds to gold miners in resources fund

LONDON: Barings has been adding to gold miners in its global resources fund, believing that the gold price will stay elevated as investors seek safe havens, and that the under-performance of gold miners versus the gold price is unsustainable. "We can see

Russia’s Posyet port loads record amount of coal

(Argus) — Russian mining and steel company Mechel's Posyet port loaded a record number of coal cargoes in August. The port in Russia's far east loaded 26 ships in August, or 509,000t of coal, the highest for any month in the port's history. A

World scrambles for rare earths after latest China crackdown

Reuters reports prices of most rare earth elements – used in consumer electronics, defence and green energy industries – have risen since Wednesday after of local government crackdown on mining, with three major producers slated for closure. The news follows an announcement from the EU that it is building a stockpile of a variety of REEs and that a high-level meeting of officials from Europe, the US and Japan will take place in Washington early next month to discuss supply security. The price of some REEs such as samarium oxide used in jet fighter electrical systems has increased 25-fold in just three years.

Atomic Ivan in love with the atom

In a unique public communication project, Russia's state atomic energy company Rosatom has lent its support to a feature film set at a nuclear power plant. Atomic Ivan follows a demanding and ambitous young scientist with an obsession for experiencing all human feelings.

Avala Resources Grants Stock Options

Avala Resources Ltd. (TSX VENTURE:AVZ) (the "Company") wishes to announce that it has granted an aggregate of 4,860,000 stock options (the "Option") to directors, officers, employees and consultants of the Company and its Serbian subsidiary.

Ukraine will ensure Russian energy transit to Europe

Ukraine always has been and always will be a reliable partner for transit of energy to Europe, stated the Ukrainian Minister of Energy and Coal Industry Yuriy Boyko during his meeting with the representatives of the foreign diplomatic corps in Ukraine. "Ukraine has demonstrated its commitment to integration with the European Union in the energy sector by becoming a full member of the Energy Community and carrying out comprehensive work to bring its energy sector in accordance with European requirements," stressed the Ukrainian energy minister.

Antwerp rocked by $1 billion diamond tax scandal

Authorities in Belgium are investigating a case that may turn out to be the country's largest ever fraud. De Tijd this week published some of the names from a list of 170 of Antwerp diamond traders who it claims are being investigated by authorities for spiriting almost $1 billion (€700 million) in unpaid taxes into secret Geneva bank accounts. Approximately 80% of the total world production of rough diamonds is traded by the 185 gem companies operating in Antwerp (pictured) and 50% of the globe's polished diamonds pass through the Flemish town. The Antwerp traders are among a much larger roster of at least 24,000 HSBC Private Bank clients from Canada, India and Germany under investigation by French authorities since 2009.

Bulls regain footing as gold adds $50

The price of December gold added $52.50 or 2.9% to trade at $1,870.30 an ounce in afternoon dealings on Thursday regaining much of the ground lost since hitting an intraday record of $1,923.10 an ounce on Tuesday. During August the metal added 12% as investors sought a safe haven from the slumping US economy and the continuing debt crisis in Europe. The ECB on Thursday decided to keep interest rates at 1.5% and cut forecasts for growth in the euro area while in the US jobless claims came in worse than expected. Bullion was also boosted by comments from the US Federal Reserve chief Ben Bernanke who all but confirmed a new round of stimulus will be announced at a meeting later this month.

Extending Neves-Coro adds $100m to NPV: Lundin

Extending the Neves-Coro mine in Portugal will add $100 million to the net present value (NPV) and push the life of the mine into 2026, Lundin Mining (TSX:LUN) said today. The company released the feasibility results for Lombador Phase 1, which plans to exploit the uppper portions of the Lombador zinc/copper ore bodies.

Norilsk considers $4.5 billion buyback after Rusal deal collapse

Dow Jones reports Norilsk Nickel's (PINK:NILSY) board will consider a buyback at $306 a share next Tuesday, a source close to the company's board said Wednesday. Norilsk may spend up to $4.5 billion on the buyback of a 7.7% stake in the company.

Europe and China want to ape Australia carbon scheme

The Canberra Times reports Australia's proposed emissions trading scheme – which will evolve from the carbon tax being implemented next year – has won praise from Beijing, where it will be the model for one of six Chinese pilot programmes to be introduced in 2013. Earlier this week the EU also endorsed the controversial Australian plans and announced the start of talks for the eventual linkage of carbon trading by 2015. The carbon tax is vociferously opposed by Australia's coal export industry, the world's largest, which will be forced to pay a levy of $25 per metric tonne of carbon pollution next year.

African Barrick Gold targets year-end Tanzania cross listing

African Barrick Gold, which has four gold mines in Africa's fourth largest gold producer Tanzania, said on Wednesday it was planning to cross-list on the country's bourse by the end of this year.

Gold Falls after German Court OKs Euro Aid

Gold prices fell around the world Wednesday after a German court cleared the way for Europe's richest nation to help its weakest ones and a slew of encouraging news lifted global stock markets.

Physical delivery still bedevils LME steel contract

The LME's physical delivery function has attracted a lot of attention over the last few months thanks to the queue of aluminium awaiting drawdown from registered warehouses in Detroit. Delays in getting metal out of what is supposed to be "the market of

New study says solar competitive with coal by 2013 in some countries

Based on a study looking at five major solar markets – Germany, Italy, France, Spain and Britain – the Brussels-based European Photovoltaic Industry Association, the biggest of its kind, said competitiveness with conventional forms of energy such as coal could be reached by 2020, but in certain markets it could take just two or three years. The report notes the output of producers more than doubled in 2010, reaching a world-wide production volume of 23.5 gigawatts of photovoltaic modules. This is a more than 500-fold growth since 1990 and the pace of growth is not expected to slow. Predictions are for investments in PV technology to double from €35-40 billion in 2010 to over €70 billion in 2015. Governments have also been cutting back on subsidies for the industry to ensure a speedier reduction in costs.

FLSmidth enters into agreement on future cooperation with Russian company

In connection with Her Majesty the Queen of Denmark's state visit to Russia, FLSmidth expects to sign an agreement on future cooperation with the Russian company JSC EcoInvest.

Antwerp Diamond Trade Fair to be Held in January 2012

RAPAPORT... The Antwerp Diamond Bourse, the Diamantclub of Antwerp and the Antwerp World Diamond Centre (AWDC) announced the dates for their third edition of the Antwerp Diamond Trade Fair. This invitation-only event will be held January 29 through

Dalradian intersects 8.34m grading 5.84 g/t Au and 3.2m grading 5.34 g/t Au in step-out drilling along strike at Curraghinalt

TORONTO, ONTARIO--(Marketwire - Sept. 6, 2011) - Dalradian Resources Inc. ("Dalradian" or the "Company") (TSX:DNA) continues to extend the known mineralization at its Curraghinalt Deposit in County Tyrone, Northern Ireland. Results from a 50m step-out on the No. 1 vein include the widest intersection to date on the project comprising several veins over an 8.34m width grading 5.84 g/t Au. A 1000m step-out from the current resource estimate, returned intercepts including 3.2m grading 5.34g/t Au. Drilling to the south of the Crow vein has intersected at least two new vein discoveries, intercepting 1.34 and 1.64m grading 10.74 g/t Au and 6.13 g/t Au respectively. An additional intercept in the footwall of the T17 vein returned 3.71m grading 6.60 g/t Au.

NV Gold agrees to acquire exploration permit in eastern Switzerland

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2011) - NV Gold Corporation (TSX VENTURE:NVX) (the "Company") announced today that it has entered into an agreement to acquire an exploration permit for gold and precious metals (the "Medel Permit") covering a total area of approximately 136 square kilometers in the Commune of Medel/Lucmagn in the Canton of Graubunden in southeastern Switzerland. The property is located in the Alps in a sparsely populated area. The community in which the property is located has been very supportive of the Company's initiative and welcomes the potential economic benefits that could be realized if the Company's exploration efforts are successful.

Copper steady as China buys eclipse growth concerns

Copper steadied on Tuesday as an earlier price correction enticed buying from top consumer China, but concerns about slowing growth in the world's top economies muddied the metal's demand picture. Three-month copper on the London Metal Exchange (LME) traded at $8,9 50 a tonne in rings , little changed from Monday's close of $8,960 a tonne.

Gold falls from record after Swiss peg franc

Gold fell from record highs on Tuesday, after Switzerland’s decision to peg its currency to the euro shook financial markets and battered the franc, putting the price of bullion in Swiss francs on track for its largest daily gain in three years.

NYMEX-U.S. crude falls on recession concerns

U.S. crude futures declined in early Asian trade on Tuesday as recession worries continue to weigh down the market, after the Chinese services sector posted its worst ever growth reading and concerns about European debt lingered.