Europe Mining News

Mechel drops 4% after halting operations at Siberian mine

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 increases investment in Armenian iron ore mines

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.

Results of Italian referendum: voters say no to more nuclear power plants

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.

Glencore shares dip on results, bid denial

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 rallies on jewellery, weaker dollar

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.

Czech miner OKD sticks with production mix, targets

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.

Glencore said to be mulling $20 billion ENRC takeover

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.

Eldorado Gold achieves two key permitting milestones in Turkey

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.

UK's OFT will not probe LME warehouse activity

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.

Former Surat diamond association president to head SGCCI

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

German May steel output up 1.1%, but WV Stahl warns of slowdown-China Mining

Germany's May crude steel output of 4.1 million mt marked a 1.1% increase on the prior year, as Europe's largest steel producer snapped back from April's first monthly annual decline since October 2009, steel industry […]

3 of the Best Mining Stocks on the Market Trading at Bargain Prices – Seeking Alpha

The recent pullback of the market has created some value opportunities. Out of all the healthy sectors in the global economy, the leading mining companies are some of the best bargains on the market. With […]

German nuclear phaseout means more coal

Germany will need more coal plants if it is to phase out nuclear power, Chancellor Angela Merkel said. "If we want to quickly get out of nuclear power and into renewable energy, we need fossil-fuel power plants.

Australian company moving into the big iron ore league in Sweden

Scandinavian Resources Ltd. (ASX:SCR) has now acquired the Ekstromsberg and Tjarrojakka iron ore projects, about 45 kilometres from Kiruna inside the Arctic Circle in northern Sweden which chairman Damien Hicks said adds 250 million tonnes […]

AFP: Quebec seeks to lure EU investors to far north

Quebec Premier Jean Charest will travel to Europe this month to tout Plan Nord, the Canadian province's C$80-billion plan to boost mining and forestry, AFP reported Friday: The Quebec government unveiled the 25-year plan to develop "one of the last untouched territories of the world, filled with riches" in May. Charest is to meet with politicians and business leaders in London, Brussels, Frankfurt and Munich from June 27 to July 1.

Australian company moving into the big iron ore league in Sweden

Scandinavian Resources Ltd. (ASX:SCR) has now acquired the Ekstromsberg and Tjarrojakka iron ore projects, about 45 kilometres from Kiruna inside the Arctic Circle in northern Sweden which chairman Damien Hicks said adds 250 million tonnes […]

Gold-Ore announces increased gold production in second quarter

Gold–Ore Resources Ltd. (TSX:GOZ) today released Second Quarter (ending May 31, 2011) production results for the 100% owned Bjorkdal Gold Mine in Sweden. During the second quarter the mine produced 11,131 ounces of gold, an increase of 11% over the first quarter; during the month of May the mine set a new monthly gold production record of 4,208 ounces. The company projects 2011 gold production at 44,000 to 46,000 ounces.

Tel Aviv’s Jovella Exhibition to feature innovative design

Jovella 2011, Israel’s 8th international jewelry and diamond exhibition, will be held July 5–6 in Tel Aviv. The exhibition will feature a Designer Boulevard, as well as collaboration with Shenkar College’s Department of Jewelry Design.

Diamond tiara and art deco bracelet top items at Christie's important jewels

Christie's sale of Important Jewels held in London Wednesday totaled $12.3 million, representing 92% sold by value. The top lot was the Rosebery pearl and diamond tiara, circa 1878, which sold for $1.9 million, near […]

Belgium rough diamond exports + 71.7% in May

Belgium imported $1.41 billion worth of rough diamonds in May and exported $1.47 billion in goods, rising 99.3% and 71.7% respectively, according to figures released by the AWDC on Thursday.

Proto Resources & Investments announces a new development project in Germany

Proto Resources & Investments Ltd (“Proto”, “the Company”) has acquired rights over a nickelcobalt development project located in Saxony, Germany. The Kiefernberg project area is within the Granitulite Mountains licence that Proto has entered into […]

E.ON to sue over Germany's nuclear exit, an industrial info news alert

The German government is facing a major legal battle over its planned early exit from nuclear power as energy giants E.ON AG (PINK:EONGY) (Dusseldorf, Germany) and RWE AG (PINK:RWEOY) (Essen, Germany) want billions of euros in compensation. E.ON made its intentions clear this week when it outlined plans to take legal action against the government's decision to continue demanding its controversial nuclear tax, despite shutting down the oldest nuclear plants. In March, RWE announced that it would take legal action against the government's closure o those seven nuclear plants.

Drilling at Curraghinalt intersects 2.06 metres grading 111.6 g/t of gold and 1.11 metres grading 26.84 g/t of gold

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 greater than 5 gram metres.

Metinvest-backed united coal plans $350 million investment to expand coal mining in Eastern U.S.

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.

Northland and Kiruna Wagon to design a prototype for new railcars

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.