Eli Avidar, Managing Director of the Israel Diamond Institute Group of Companies (IDI), has joined the President's Council of CIBJO, the World Jewellery Confederation, the organization announced today (Monday). The President's Council, the highest governing body in the confederation, is responsible for making strategic decisions. It consists of the CIBJO officers and five other member representatives, each of whom is appointed by the President.
Europe Mining News
Empire Mining Receives Additional Assays Confirming Continuity of Significant Copper-Gold Skarn Mineralization at Bursa-Demirtepe and Intersects Significant Molybdenum Grades
Empire Mining Corporation (TSX VENTURE:EPC) ("Empire") is pleased to announce additional assay results for drill holes DTH-009, DTH-010, and DTH-018 at the Demirtepe target area of the Bursa copper-gold-silver-molybdenum project located in Turkey. All three holes intersected significant shallow copper-gold-silver skarn mineralization and holes DTH-9 and DTH-18 also intersected significant molybdenum grades. The drilling has extended the mineralization to the south and to the west, thereby confirming the continuity of the mineralization in the Main Zone along a corridor 270 meters long and up to 100 meters wide.
As the Greek crisis awaits a final decision from European financial officials, gold remains well supported
A little more than a year ago, Greek Prime Minister, George Papandreou, told the world that Greece did not have any financial problems. Soon after that, it transpired that the country was so short of cash, they urgently required financial assistance. A year later the situation in Greece is worse than what it was a year ago, and now Papandreou is fighting for his political career.
The London Metal Exchange has approved Ravenna as the latest point of good delivery for non domestic LME Steel Billet, with effect from September 16th 2011. The addition of the Italian port will enhance the contract’s warehousing network in Europe, encouraging the steel industry to further utilise the contract. LME Steel Billet is now listed in 12 locations in seven countries.
Global steel production is set to rise to 1.5 billion tons in 2012 and due to increasing costs many ferrochrome and chrome ore producers will increase prices. The devaluation of the dollar, higher labour and fuel costs have led to a substantial increase in costs of ferrochrome and chrome ore production centred in South Africa, Kazakhstan, India, Zimbabwe, Turkey, Oman, Pakistan, Iran and Albania. There is no substitute for chrome in the steel-making process and some 90% of the chromite mined worldwide is converted to ferrochrome, used in the production of stainless steel.
Russian news agencies report Uralkali, Russia's largest potash miner, is not planning to buy Belaruskali, a major Uralkali shareholder said on Friday. Last week it was speculated that the cash-strapped ex-Soviet republic Belarus is negotiating the sale of its most prized asset under the terms of a bail-out loan agreed with Russia. Responsible for one-third of the worlds potash fertiliser production, Belaruskali could have been worth as much as $20bn and a merger with Uralkali owned by billionaire Suleiman Kerimov would have created a group with annual production of 21m tonnes, dwarfing current number one Canada’s Potash Corp's 12m tonnes/year.
India's Tata Steel on Thursday agreed to sell its 26 percent stake in Australia's Riversdale to Rio Tinto for $1.1 billion, giving the Anglo-Australian giant full control of the coal miner. Tata, the world's No 7 steelmaker, will sell shares in an open offer at A$16.5 each. Riversdale shares closed little changed at A$16.50 in Sydney on Thursday before Tata Steel's announcement.
Here's a thing - Eurozone central banks have stopped selling and started buying gold so far in 2011. Only by €6 million mind, and all of it in gold coin according to the European Central Bank's weekly statements. But this net gold buying still stands, even ignoring Estonia's 0.6 tonne purchase at New Year (its contribution, on joining the Euro, to the ECB's reserve assets).
Diamdel sold 251 of the 256 rough diamond lots it offered at its recent auction. Demand for large goods, 2+ ct items, grainers and smaller goods increased compared to the previous auctions, while demand for Near Gem goods "has shown some deterioration," the company said. The company, a subsidiary of De Beers, does not disclose the total achieved value of its auctions.
Over 70 of the 120 bidders at the first online rough diamond auction held by Arjav Diamonds were small dealers who were able to successfully compete for rough against large operators, an Arjav spokesman told IDEX Online. “The fact that many of the stones had already been through process planning on the Sarin Galaxy machine was a great boon to many small operators who otherwise don’t have access to this kind of technology,” the spokesman said, noting that successful bidders were given the process-planning CD along with the stone.
Executives from leading diamond industry financer ABN AMRO met with Israel's Supervisor of Banks this week, as they are mulling over the possibility of opening a branch in the country. The round of meetings in Israel included a series of discussions with the Israel Diamond Exchange. Victor van der Kwast, the CEO of ABN AMRO Bank International and Diamond Jewelry Group (ID&JG) is visiting Israel with senior executives, stating that Israel is missing from their portfolio.
Nyrstar (NYR.BR: Quote), the world's biggest zinc producer, is to buy Canada's Breakwater (BWR.TO:Quote) for C$619 million ($639 million) as it carries out its strategy to buy more mines and increase its self-sufficiency. Belgium-based Nyrstar said on Wednesday it will pay C$7.00 per share in cash, and Breakwater shareholders will also get a special dividend of C$0.50 in cash.
According the analysts at Research and Markets the British steel industry is set for a slow recovery following another dismal year in 2010, although the planned acquisition of Tata Steel's mothballed complex in Teesside by a Thai steelmaker is welcome news in an otherwise gloomy outlook.
Since we last visited rhodium, the news has been favorable for the future value of the metal. Deutsche Bank announced the creation of an ETC, Europe’s version of an ETF, for rhodium. While that news is favorable, seems the market got a little ahead of the reality.
In a dramatic about-face, Chancellor Angela Merkel announced last Monday that Germany will phase out nuclear power completely by 2022, shutting down its nine operational reactors and never restarting the seven reactors that were suspended in the wake of the nuclear disaster at Japan’s Fukushima Daiichi plant.
Shares of giant Russian steel and coking coal producer Mechel OAO fell over 4% in midday trade in New York on Wednesday on news it has halted operations at its Sibirginskaya mine due to high gas levels in a mined-out area. Mining works at the site were halted and all miners returned to the surface.
Fortune Oil has increased its investment in Armenian iron ore mines after amending an option agreement. In January, Fortune took a 35% equity interest in Bounty Resource Armenia, a company which controls three iron ore mines in Armenia, for $24m with an option to increase this holding to 50% for an additional investment of $16m. The option exercise consideration of $16 million will be financed from the company's existing cash reserves.
Energia Minerals Limited (ASX: EMX) notes that a referendum was held in Italy on the 12th and 13th of June 2011 to decide whether to remove laws passed last year to restart a domestic nuclear energy program in the country. The result of the referendum was that Italian citizens have voted to remove the laws and, accordingly, remove the framework to potentially develop nuclear energy production facilities in Italian territory.
Commodities trader Glencore (GLEN.L: Quote) is not considering a bid for embattled miner ENRC, its chief executive said, dismissing reports of a takeover after it disappointed the market with its maiden frst-quarter results. Shares in the world's largest diversified commodity trader dropped 2 percent as weaker-than-expected results from its metals and mining trading unit held back its operating profit.
Gold rallied on Tuesday as the jewelry sector came looking for bargains, the dollar slipped and investors fretted about the Greek debt crisis. Spot gold was bid at $1,518.64 a troy ounce at 0929 GMT (5:29 a.m. ET) from $1,514.73 an ounce late in New York on Monday when it suffered its biggest one-day loss in a month, touching a three-week low of $1,511.11 an ounce.
Central Europe’s biggest hard coal mining company OKD says it is sticking to a low-risk production portfolio in spite of ‘booming demand’ for coke to make steel. General Manager Klaus-Dieter Beck told a press conference on Monday that two years ago the company could hardly sell its coking coal, largely used for steelmaking. Now, it can barely keep up with demand. OKD last year produced jut over 6 million tonnes of coking coal, or 52% of total production.
According to a detailed report in the U.K.'s Sunday times newspaper, Global mega commodities group, Glencore, which recently listed in the London stock Exchange's largest ever IPO, is considering a what appears to be a £12 billion (US$20 billion) friendly takeover of European-based diversified mining and metals company, ENRC (Eurasian Natural Resources Corporation). If such a move takes place this would convert Glencore from the world's largest commodities trading group into one of the globe's biggest integrated mining and metals companies - even without taking into account its 35% stake in Xstrata.
Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (TSX:ELD)(NYSE:EGO)(ASX:EAU) ("Eldorado" the "Company" or "we") is pleased to announce that Eldorado, through its 100% owned subsidiary Tuprag Metal Madencilik Sanayi ve Ticaret ("Tuprag"), has received its Trial Operating Permit ("Permit") at the Efemcukuru Gold Project in Izmir and the supplementary Environmental Impact Assessment Positive Certificate ("EIA") at Kisladag Gold Mine in Usak.
Britain's Office of Fair Trading (OFT) is not proposing to investigate activities of large dealers in London Metal Exchange warehouses, the watchdog said in a response to a parliamentary committee.
The Surat Diamond Association's (SDA) former president, Rohit Mehta, will become the new president of India's Southern Gujarat Chamber of Commerce and Industry (SGCCI) during today's 70th annual general meeting and installation ceremony, reports The