Neves Corvo, Ludin Mining's copper-zinc mine located in Portugal, will produce 4,000 tonnes less copper and 19,000 tonnes less of zinc in 2011. The cash cost of production at the mine will also climb from $1.40 to $1.65. Neves Corvo, which accounts for most of Lundin's copper output, was expected to produce 76,000 tonnes of copper and 25,000 tonnes of zinc. The outlook has now fallen to 72,000 tonnes of copper and 6,000 tonnes of zinc. However, zinc production at the company's Irish mine, Galmoy, was expected to rise from 17,000 tonnes to 28,000 tonnes.
Europe Mining News
Swedish steelmaker SSAB (SSABa.ST: Quote) beat second-quarter earnings forecasts, helped by demand for its specialist products in the United States and Europe, and said the recovery had further to run.
Gold held steady below $1,600 on Friday, after the euro zone leaders reached an agreement on a Greece bailout plan, but prices are expected to be rangebound as investors keep an eye on the progress made in U.S. debt talks.
United Silver Corp. ("United Silver Corp.", the "Company" or "USC")(TSX:USC)(OTCQX:USCZF)(FRANKFURT:UM8) announced today in furtherance to its news release dated July 15, 2011, it has completed the closing of a $2,000,000 secured term loan facility
According to a new report by Business Monitor International Russia's mining sector is set to grow slowly over the forecast period to 2015, marking a reversal of the declining output seen since 2006. Business Monitor forecasts the value of the mining sector to reach US$259bn in 2015 from US$134bn in 2010, marking an annual average growth rate of 2.6%.
Financial markets — including commodities — surged after details from the highly-anticipated EU Summit were released. Germany's demand that private investors be a part of any Greek bailout, which will likely be considered a partial default by ratings agencies, seems to have been met.
Growth ground to a halt in the euro zone's private sector this month while China's factory sector contracted for the first time in a year, surveys showed on Thursday, deepening evidence of a sharp slowdown in the global economy. The surveys were published just before European leaders meet for a crisis summit to hash out a second bailout of Greece and allay fears a debt default by Athens will poison access to the bond market for bigger states. Image is by Malene Thyssen.
Russian gold miner Petropavlovsk’s recorded a 32% rise in total gold production in the first half of the year and said it was on track to achieving its target of 600,000 ounces of gold for the year. During the period between 1 January to 30 June, Petropavlovsk reported total attributable gold production of 219,100 ounces, a 32% jump from 166,300 ounces in the comparable period last year.
Rio Tinto is understood to be eyeing the potential sale of one of its UK power stations RIO Tinto is understood to be eyeing the potential sale of one of its UK power stations to German-owned energy giant RWE Npower, writes Philip Waller.
Metso has signed a contract with Northland Resources AB for a five-year mill lining service and inspection program for the Kaunisvaara project in northernSweden. The contract complements previous project orders by Northland Resources, announced by […]
Latin American precious metal producer Hochschild Mining said output fell 13 percent in the first half, as expected, and that it was on track to meet its full-year target. It produced 11.1 million silver equivalent ounces in the first half due to lower grades at the company's two main Peruvian operations, declining output from its two ageing Ares and Moris mines, and industrial action at its San Jose mine.
Efforts to turn loss-making Finnish stainless steel maker Outokumpu Oyj (OUT1V.HE) around have been insufficient to date and the company will now focus on growth outside of Europe in order to improve profitability, Chief Executive Mika Seitovirtaof said
Copper may rise in London this week, extending a third weekly gain, on speculation that the prospect of a supply shortfall will keep bolstering prices even as Europes debt crisis continues. Copper has climbed 2,8% this month in London, while the MSCI
Two miners have been found dead after part of an Arctic Russian coal mine collapsed on Saturday, steelmaker Severstal's Vorkutaugol said. MOSCOW, July 20 A third worker rescued from the Severnaya mine is in hospital in a stable condition, while the
Scarborough Evening News reported that test drilling has been approved for a potential potash site near Scarborough, UK. Once the test drilling is completed Sirius says it then plans to study the results alongside geological and seismic studies to determine where the mine head will be placed.
Interfax reports a few dozen people protested Tuesday outside Romania's Culture Ministry in Bucharest against its approval of the archaeological discharge certificate for the Carnic Mountain, where extensive tunnels used by Roman miners during the rule of emperor Trajan (pictured) still exists. Rosia Montana Gold Corporation, controlled by Canada's Gabriel Resources which first obtained the concession in 1999, needed the permit for its project to establish an open-cast mine in the area believed to hold some 300 tonnes of gold, one of the largest deposits in Europe.
Copper hit its highest since mid-April on Tuesday on better-than-expected U.S. housing data, a weaker dollar and hopes Chinese demand will remain firm, helping offset investor anxiety over U.S. and European sovereign debt concerns.
Live cams are not just for watching baby eagles and monitoring highway conditions, Northland has its own where users can see how much progress the company has made on its Kaunisvaara project, an iron ore mine being built in northern Sweden.
Non-credible European banking stress tests which took no account of possible effects of a sovereign bankruptcy are seen as the trigger which launched gold to new highs. Once again, regulators have failed spectacularly. Gold hit 1,000 ($1600) an ounce
Outotec has been awarded another concentrator contract with Russian Copper Co. for the Miheevsky project with throughput of 18 million tonnes of ore a year. Finnish headquartered metallurgical specialist Outotec has signed a contract with ZAO Miheevsky Image from Outotec shows Kittilä gold mine, Finland.
The board of Polyus Gold , Russia's biggest gold producer, approved on Tuesday its development strategy, which, once implemented, will see it become one of the world's top five gold miners in 2020.
Copper hit its highest since mid-April on Tuesday as a weaker dollar and hopes Chinese demand will remain firm helped offset investor anxiety over US and European sovereign debt concerns. Three-month copper on the London Metal Exchange (LME) traded at $9,800.25 a tonne by 0825 GMT compared with Monday's close of $9,694 a tonne.
"s" : "BLND.L,BSY.L,COMIN.NX,GS,JMAT.L,SBK.NX,VFTSE.NX,^REURTRUSD","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} LONDON (Reuters) - Commodity (Euronext: COMIN.NX - news) and banking stocks helped push Britain's top share index
GeoProMining launches construction of innovative processing technology at Ararat Gold Extraction Plant
GeoProMining (GPM), a diversified international mining group, held a groundbreaking ceremony for the new gold extraction line at the Ararat gold extraction plant attended by the President of the Republic of Armenia Serzh Sargsyan.
WireCo WorldGroup Inc. (WireCo), the world’s leading producer and marketer of wire rope, electromechanical cable and a major producer of wire products announced today that it has completed the acquisition of Drumet Liny i Druty Sp.z o.o. (Drumet), based in Wloclawek, Poland. No terms were disclosed.