United Coal Company (Blountville, Tennessee), a subsidiary of Ukrainian integrated mining and steel holding company Metinvest Holding LLC (Donetsk, Ukraine), is developing $350 million in coal mine projects in the eastern U.S. United Coal plans to add at least 4 million tons per year of coal mining capacity for use at U.S. locations and for export to Metinvest's steel mills in Europe and Ukraine.
Europe Mining News
Northland is a development-stage mining company with a portfolio of iron ore projects in northern Sweden and Finland. The Company's Kaunisvaara Project will exploit magnetite iron ore deposits, feeding a single, multi-line processing facility in Sweden. The process yields a very high-grade, high-quality magnetite iron concentrate. The Company is also preparing a Definitive Feasibility Study for the Hannukainen Iron Oxide Copper Gold Project in Kolari, northern Finland.
Dalradian Resources announces drill results at its Curraghinalt Deposit, 15 intercepts greater than 5 gram metres
Dalradian Resources continues to extend the known mineralization at its Curraghinalt Deposit in County Tyrone, Northern Ireland. Results from 6 step out holes and 1 infill hole are reported for a total of 15 intercepts […]
The full cost of the Fukushima nuclear disaster is yet to be established but its impact on the nuclear sector as a whole may not be as bad as was first thought - even with the loss of Germany as an active participant.
Toronto and London listed exploration and development company EMED Mining said on Tuesday it found significant potential new copper deposits near its Cerro Colorado open pit operations in Spain (pictured), sending its shares up over 5% in afternoon trade. In May the Cyprus-based company announced Andalucia, one of Spain's autonomous regions, gave approval for the plans to restart its flagship Rio Tinto copper mine, which was placed on care and maintenance in 2000. Production is scheduled to start in 2012 following further approvals.
The demand for physical gold remains robust as investors add bullion bars and coins to their portfolios
Last year Greece was in trouble. A year later the problem has deepened. While Greece may need up to 70 billion euros ($100 billion), on top of the existing EU-IMF loan, to keep from going bankrupt as it is unlikely to be able to return quickly to international borrowing markets sadly I think the country is doomed: Portugal, Ireland, and Spain are also drowning in debt.
Cash-strapped ex-Soviet republic Belarus is negotiating the sale of its most prized asset, the potash producer Belaruskali, under the terms of a $3bn bail-out loan agreed this month with Russia, the Wall Street Journal reported on Tuesday. Responsible for one-third of the worlds potash fertiliser production, Belaruskali could be worth as much as $20bn. A frontrunner for a takeover is Russia's top producer Uralkali owned by billionaire Suleiman Kerimov. The combined group would easily push Canada's Potash Corp. from the top producer spot.
The IDEX Online Polished Diamond Index averaged 132.1 in May, setting a new record, as polished diamond prices continue to rise. The record surpassed the prior record level both last month and in the pre-recession […]
A Russian Finance Ministry official has reportedly said that the State repository has sufficient palladium stocks to continue to export in 2012, while it is also looking to upgrade some of its existing material (Gokhran has sufficient palladium to continue exports in 2012 - report). In their authoritative reviews released last month, both Johnson Matthey and GFMS addressed this issue and the two houses are of similar views with respect to the outlook on this issue.
Orvana Minerals Corp. (TSX:ORV) announced today that, as contemplated in the agreement entered into with Fabulosa Mines Limited ("Fabulosa") on May 16, 2011 and previously announced by Orvana, it has entered into an agreement with Fabulosa for a six-month, secured convertible US$15,000,000 bridge loan from Fabulosa, which bears interest at a rate of 8% per annum.
Orvana Minerals announced the commissioning of its El Valle-Boinás/Carlés ("EVBC") gold-copper mine in northern Spain by Kinbauri España S.L.U. ("Kinbauri"), a wholly owned subsidiary of Orvana. EVBC initiated the start-up and commissioning of the mill May 31, 2011, with the first shipment expected in June. EVBC will initially produce at 70% capacity, increasing to its full annual target production levels of over 100,000 ounces gold, 3,900 tonnes copper and over 150,000 ounces of silver once the shaft is completed in early 2012.
My readers are familiar with my forecast that the US dollar is in terminal decline. America is tragically bankrupt, unable to pay its lenders without printing the dollars to do so, and enmeshed in an economic depression. The clock is ticking until the dollar faces a crisis of confidence like every other bubble before it.
BIV reports: Less than a year has passed since Vancouver junior Edgewater Exploration (TSX-V:EDW) picked up a gold property in Spain and already the company has increased reserves there 400%. On Tuesday, industry veteran and Edgewater president and CEO George Salamis said the company’s Corcoesto property contained some 325,000 ounces of gold in measured and indicated categories, and more than 1.1 million ounces in an inferred category. Read the full story here
Bloomberg reports gold may decline for a second day in New York as speculation that Greece’s debt crisis is closer to being resolved curbs demand for precious metals. The market news is quoted as saying, Palladium for September delivery was little changed at $781.50 an ounce. Platinum for July delivery was 0.2 percent lower at $1,830.80 an ounce.
Shares of top Canadian uranium producer Cameco (CCO.TO: Quote) slipped as much as 4.4 percent on Monday, after Germany said that it plans to shut all its nuclear reactors by 2022. The move to shut down its nuclear program comes just nine months after Berlin announced an extension to the lifespan of its plants by an average 12 years.
Although there was no apparent news driving it, Ethiopian Potash's (TSX-V: FED) shareprice leapt by as much as 20 percent Monday, up from 75 to 90 cents on strong volume. The push upwards may come from investors in anticipation of drilling results from Ethiopian Potash's Danakil property, where it reports an inferred resource of 128 million tonne @ 21 percent potash.
Black Iron reported initial assay results from its ongoing confirmation ("twin hole") and metallurgical diamond drill program at the Company's Shymanivske Iron Ore Project in Ukraine. The Company is encouraged by the results of the initial two holes highlighted by 20342-T that intersected 164 meters grading 32.1% iron, including 83 meters grading 33.8% iron. Matt Simpson, President and Chief Executive Officer of Black Iron, commented, "As anticipated, the assay results from the first two twin holes align well with the historical drilling logs for the Project."
Iberian Minerals announces purchase of net profit interest from Trafigura and $62 million “bought deal” financing
Iberian Minerals Corp. (TSX VENTURE:IZN) today announced that it has determined to exercise its right to purchase from Trafigura Beheer B.V. its 45.96% net profit interest in Compania Minera Condestable S.A. ("Condestable"), which is the subsidiary through which Iberian holds its approximately 98.73% interest in the Condestable Mine. In accordance with the terms of the CMC Purchase Agreement, Iberian retained the option to purchase the NPI from Trafigura at any time until June 30, 2011 in consideration of the payment of US$60,000,000 (the "NPI Buy-out").
Azumah Resources Ltd (ASX: AZM) said today it has secured an 11% stake in Castle Minerals Ltd (ASX: CDT) through a holding of 11.081 million shares. Azumah's managing director Stephen Stone said the company viewed the holding as a strategic investment that would increase Azumah's options should any of the growing market-based speculation about consolidation in the West African gold sector unfold.
Forbes reports gold and silver prices climbed Tuesday as concerns lingered about Europe's debt crisis. The market news is quoted as saying, Most metals, oil and other energy products also settled higher after Goldman Sachs said it believes prices for many commodities will improve in the second half of the year.
According to The Globe & Mail, Christophe de Margerie, the CEO of French energy giant Total on a tour of Canada’s oil sands with members of the company’s international advisory board this week, believes the resource is playing an increasingly important role in setting the global price of crude. Through a string of deals, kicked off by the $1.67bn acquisition of Deer Creek in 2005 and topped by the $1.7bn partnership with Suncor announced late last year, Total has become one of the largest oil sands players. The company plans to spend $20bn in the oil sands by 2020, but no further acquisition are planned reports the Calgary Herald.
The U.K. has committed to halving its carbon emissions before 2027 following the publication of its ambitious fourth carbon budget. The rollout and development of renewable energy technologies, as well as the construction of new nuclear power plants, will play a key part in reducing the country's carbon emissions 50% when compared to 1990 levels. This will mean that net emissions for 2023-27 should not exceed 1.95 billion tonnes of carbon dioxide equivalent.
Forbes reported that demand for Appalachian coal should drive up profits for US producers. The market news is quoted as saying: India and Europe will likely to import more of the plentiful, dirtier-burning coal used by electric plants, Brean Murray Carret & Co. analyst Jeremy Sussman said in a research note Friday.
TATA Steel's European unit Corus said on Friday it will cut around 1,500 jobs in northern England as part of a restructuring of its long products unit, which supplies clients including builders and miners. Like others in the industry, Tata Steel has faced a margin squeeze since last year, as the price of raw materials increases but demand from sectors like construction remains muted.
The prices of rare earth oxides are blasting through the stratosphere. Manufacturers are driving prices in their haste to involve the materials in production of hybrid vehicles, wind turbines, and the most high tech applications of which many sophisticated investors are unaware. These producers need the rare earth ore and are willing to pay for it on the world markets.