Europe Mining News

Siemens and Outotec to build pellet plant in Russia

NLMK Group's subsidiary Stoilensky has awarded a €280m contract to a consortium of Siemens VAI and Outotec for the construction of an iron pellet plant at Stoilensky, Russia.

Over the counter trade in Russia values Alrosa at $8.6 billion

Interfax reports Russia state-owned diamond miner Alrosa is up 22% on the country's trading board for unlisted stocks since it was first quoted there on July 18. The price of US$31,495 per share, implies a market value of $8.6 billion. Alrosa accounts for around 25% of world output and for the full year sales of $4.7 billion is expected. The secretive firm has been feeding the market more information recently in anticipation of a 2012 public offering that seeks to raise up to $3 billion.

The secrets of diamond mining are forever

24/7 Wall St says the global diamond mining industry may be one of the world’s best-kept secrets and diamond mining is not unlike the oil business, where about 100 massive fields supply about half the world’s oil.

European steel producers continue to face tough times

European producers will continue to face tough times ahead in 2011 on falling sales figurres for both long and flat steel products in 2011, according to UK consultancy MEPS.

Northland Resources may lease Narvik iron ore terminal

The agreement between the Port of Narvik and Northland Resources SA today was confirmed by the board of Narvik Havn KF. The agreement grants Northland the permit to lease the Narvik Terminal, Fagernes, south of the city centre.

Veolia takes over Wheal Jane

Veolia Water Solutions & Technologies has won a ten year contract to operate and maintain the water treatment plant at Wheal Jane mine in Cornwall, UK.

UK Coal posts first profits in four years

UK Coal posted its first profit in four years yesterday after higher production and coal prices sparked a turnaround at its collieries.

Norilsk approves $8.75 billion Rusal stake buyout

The board of Russian miner OAO Norilsk Nickel on Wednesday approved the offer to buy a part of United Co. Rusal PLC's stake in the company for about $8.75 billion. Norilsk, the world largest nickel and palladium producer.

Gold mine worth £9 bln discovered in Germany

A massive seam of pure gold worth at least nine billion pounds has been discovered in one of the poorest regions of eastern Germany.

Bucharest wants less cyanide in Canadian gold mine

Romanian Environment Minister Laszlo Borbely said Tuesday that a Canadian gold mine project would be given the green light only if it drops the proposed cyanide level in its tailings pond.

IRC posts first profit as iron ore sales begin at Russia mine

IRC Ltd, a Hong Kong-listed iron ore company mining in Russia, posted its first profit after starting sales from its Kuranakh mine and prices for the steelmaking raw material advanced. Net income for the six months ended June 30 was $3.6 million.

Russians buy High River Gold Mines stake at a discount

Russian steelmaker OAO Severstal's unit said it bought 1 percent of High River Gold Mines at a discount, sending the Canadian miner's shares down 3 percent on Tuesday morning on the Toronto Stock Exchange.

BHP rules with iron fist

Mining giant BHP Billiton has defended as "effective" its strict office etiquette policy, which bans workers from eating pungent food, throwing jackets on their chairs or leaving Post-it notes on their monitors or keyboards after hours. The company outlined its "Office Environment Standard" in a memo emailed to employees in Brisbane this month.

Exciting times for gold bugs as the Eurocrats dither

Gold prices push higher as once again the ineptitude of our political masters fails to deliver. German Chancellor Angela Merkel and French President Nicolas Sarkozy had scheduled yet another problem solving high level meeting, out of which their followers expected a stroke of economic genius.

EastCoal plans to start up wash plant at Ukrainian mine by 2012

EastCoal, a Canadian company focused on coal production in Ukraine, plans to start up operation of a wash plant for its Verticalnaya mine in Ukraine before year-end, the company said in a press release.

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.