Tata Steel Ltd will use the $1.12 billion ('5,030 crore) it earned from the sale of its 26.3% stake in Australia's Riversdale Mining Ltd to fund the expansion of its steel-making capacity in Jamshedpur and Kalinganagar, as well as mining operations and capital expenditure in its European operations.
Europe Mining News
Minerals Technologies’ Ferrotron unit announces revolutionary new laser-scanning technology for use in worldwide steel industry
Minerals Technologies announced today that its Ferrotron Division of subsidiary Minteq International Inc., has released the LaCam-Torpedo measuring system, a revolutionary way to measure refractory lining thickness in hot torpedo ladles.
Nasdaq reports farmers want so much fertilizer to meet demand for agricultural products that potash producers are raising their prices on an almost constant basis now. Back in January 2010, German potash producer K+S was charging 285 euros – roughly $407 – per ton of potash. As of now, bulk clients are buying potash at 363 euros or $520 per ton, a 27% net increase over the last 18 months.
The Responsible Jewellery Council (RJC) today announced that Collection Pan-Arab Luxury Magazine, the leading magazine in the Middle East, has become an official Supporter of the Council.
The World Diamond Council has expressed its regret about the inconclusive end to the Kimberley Process Intersessional Meeting in Kinshasa last week. The main goal of the meeting was to finally resolve the issue of diamond exports from Zimbabwe. This did not happen.
The Responsible Jewellery Council on Friday released its third discussion papers on Chain-of Custody Certification for public comment. The CoC Certification system aims to enable businesses to demonstrate rigorous assurance for responsible, conflict-free supply chains for diamonds, gold and platinum metals.
GGG Resources plc (GGG) has today announced that it has extended its off-market takeover offer for all of the ordinary shares in Auzex Resources Limited (Auzex) so that it will now close at 5.00pm (Perth time) on 4 August 2011.
Any industry would be proud of an average annual growth rate of 34% over ten years and of a global reach from Austria to Taiwan.
The World Gold Council (WGC) produced a draft framework of standards designed to combat gold that enables, fuels or finances armed conflict. The standards, which were compiled together with the WDC’s member companies and leading gold refiners are designed to enable miners to produce a stream of newly-mined gold that is certified as “conflict free” on a global basis. Image of Ethiopian soldier is from Wikipedia.
In less than a year from now Chelopech aims to break the mould in continuous improvement of underground mining bringing world-leading underground operating practice to Bulgaria. John Chadwick will report in detail in the magazine about the attention to detail, reliable and innovative communications, some of the latest trackless mining technology, commitment and passion that are all coming together at the Chelopech copper-gold mine in Bulgaria (IM, October 2006). Read more
Stock market bulls bellowed yesterday as bourses around the globe rocketed higher. Several major European markets were up more than 2%, and the S&P vaulted 1.3% higher on the day. Unusually, bonds did notsell off with comparable ferocity, nor did commodities shoot drastically higher – indeed, gasoline fell more than 1% on the day.
The Financial Times reports Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and a run on the banks. Pledges by socialist prime minister George Papandreou that his government would “save the country” have been widely discounted by the public.
Highland Gold Mining said data from Blagodatnoye indicated a gold-mineralised zone of about 500 metres by 400 metres at a depth of 200 metres
Gold priced in sterling hit a lifetime high around 954 pounds boosted by continued concerns about the debt crisis in Europe Gold priced in sterling struck a lifetime high around 954 pounds on Wednesday, fuelled by lingering worries about the debt crisis
Good results continue to flow from drilling in the Stonepark region in Limerick
Alrosa’s first quarter of the fiscal year ended with a 5% decline in revenue, 29.6 billion rubles ($1.06 billion) despite rising rough diamond prices. Net profit for the period has however increased by 42% to 12.04 billion rubles ($431 million).
The board of the London Metal Exchange has been unable so far to reach agreement on a way to resolve aluminum access issues from warehouses owned by a unit of Goldman Sachs. However, the U.K. Office of Fair Trading has determined there are no obvious competition issues meriting further investigation of complaints that ownership of warehouses give certain metals market players' unfair advantage.
The Silver Institute has reviewed the Gold Institute’s Production Cost Standard to determine its use and adoption by the silver industry. Through the formation of a committee mostly comprised of Silver Institute member mining company Chief Financial Officers, the Standard, first introduced in 1996, and subsequently updated in 1999 and in 2002, has been modified to include two minor amendments.
Fresh from exciting European soccer fans around the world with a successful UEFA Championship campaign, FC Barcelona Manager Pep Guardiola is lending a hand to support an Israeli medical cause. An official Champions League ball signed by Guardiola is up for auction organized by the Israel Diamond Exchange.
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.
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.