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").
Europe Mining News
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.
Pure gold deposits are increasingly difficult to find. "What really bothers me is that in the 1980s or 1990s, we saw three to five discoveries of 5 to 20 million ounces each, and upwards of 30 to 50 million ounces a year. That is what makes or breaks the industry. There are no discoveries of that magnitude now." Pierre Lassonde, veteran gold analyst, co-founder/chairman of Franco Nevada Mining Corp., former president of Newmont Mining Corp.
Israel-headquartered diamond firm Dalumi opened an office in Mumbai, saying it wants to be closer to the fastest growing diamond center in the world.
(RTTNews) - The UK market is trading higher in afternoon trading Thursday, amid some positive earnings news as well as consolidation in commodities prices.
Xstrata Mount Isa Mines has announced plans to sustain the future of its Mount Isa operations through expanded mining and concentrate production, while phasing out copper smelting at Mount Isa and refining operations in Townsville by the end of 2016.
ABB, the leading power and automation technology group, recently won an order worth over $10 million from Dannemora Minerals to deliver a complete mine hoist to the newly reopened Dannemora iron ore mine in east central Sweden.
In a joint R&D project, Metso and Fortum have developed oxyfuel combustion technology that aims to reduce the CO2 emissions of power plants. In 2010, Metso's 4-MW test plant in Tampere, Finland, was modified for oxyfuel combustion, resulting in the biggest known oxyfuel combustion process based on circulating fluidized bed technology in the world. C
ArcelorMittal South Africa (AMSA), a subsidiary of ArcelorMittal, the world's biggest steelmaker, this week announced an agreement which may see the acquisition of an iron ore "resource" in the Northern Cape. At the same time, parent company ArcelorMittal announced its first quarter earnings, where, for the first time, it reported its mining interests as a separate segment.
Europe's No.2 copper producer KGHM (KGHM.WA) nearly tripled its net profit in the first quarter, beating expectations thanks to a rally in metal prices. Poland's state-controlled miner said on Friday its bottom line reached 1.96 billion zlotys ($710 million), compared to 1.84 billion seen in a Reuters poll.
Metso supplies automation and process electrification to Outokumpu's new ferrochrome plant in Tornio, Finland
Metso will supply an extensive electrification and automation delivery to Outokumpu's new ferrochrome plant in Tornio, Finland. The equipment will be installed in several phases during 2011 and 2012. The test runs in the new plants will start in late 2012.
SGS is pleased to announce the opening of a new, fully equipped minerals services laboratory in Ankara, Turkey that will provide analytical services to the commercial trade and geochemical services sectors. The new Ankara laboratory […]
Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NY-AMEX: MDM) today announced the results of an updated independent valuation of the diamonds recovered from the Gahcho Kué Project. The valuation was conducted by WWW International Diamond Consultants Ltd. and took place at the London offices of the Diamond Trading Company in early April, 2011. All diamond values presented below are based on the WWW Price Book as at April 11, 2011. Importantly, for the first time, the Gahcho Kué diamonds were grouped into larger parcels, each parcel representing diamonds from the Hearne, Tuzo and the separate lobes of the 5034 kimberlite. In the opinion of WWW, grouping of the diamonds into larger parcels increased the accuracy of the diamond valuation.
Anglo-Swiss miner Xstrata (XTA.L: Quote) reported a 6 percent decline in copper output in the first quarter due to severe weather conditions at its Collahuasi mine in Chile and lower grades at its Alumbrera mine in Argentina. Overall, the miner said adverse weather conditions including flooding in Queensland and Western Australia, tropical cyclone Yasi and heavy rainfall in South Africa, Colombia and other parts of South America impacted production during the period.
Tool and machinery maker Sandvik's (SAND.ST: Quote) first-quarter operating margin was blown south of analysts' forecasts by currency headwinds, sending its shares down more than 3 percent. The maker of metalworking tools, mining equipment and specialty steels was among the hardest hit in Sweden's engineering sector during the financial crisis, but has since been buoyed by a rapid recovery in demand.
Hydro had underlying earnings before financial items and tax (EBIT) of NOK 1,448 million in the first quarter, up from NOK 588 million in the fourth quarter. Higher realized aluminium prices and premiums, higher volumes and lower operating costs lifted underlying results for the quarter.
Belgian group Umicore (UMI.BR: Quote) forecast improved earnings this year due to strong demand for its automotive catalysts and improved supply for its precious metal recycling business. The metals and speciality materials maker said on Tuesday it expected 2011 operating profit (recurring earnings before interest and tax) to rise to 400-425 million euros ($559-$594 million) from 342 million last year.
India's Tata Steel , the world's No 7 steelmaker, will hold on to its stake in Africa-focused Riversdale Mining , its vice chairman said on Monday. "We will continue to hold on to our stake," B Muthuraman told reporters.
Geodex has acquired by staking the Jake Lee project covering approximately 3800 hectares located 80km south of Fredericton. Geodex will conduct an exploration program focused on the rare earth elements ("REE") potential with a secondary focus on gold and base metals based on the geology and supported by regional government sampling and assessment report data.