Switzerland Mining News

How the central bank squandered Switzerland's gold reserves

If the Swiss vote yes in next month's referendum its central bank needs to buy back 1,500 tonnes of gold sold for $300–$500 an ounce a decade ago.

Switzerland’s central bank calls to thwart gold vote

The initiative seeks to force the SNB to keep at least 20% of its assets in the metal and repatriate gold reserves held abroad.

Swiss Gold Motion Would Limit Policy Options, Says SNB Vice President

A proposal that the Swiss National Bank should hold a fifth of its assets in gold and be prohibited from selling the precious metal in the future would severely restrict its ability to conduct monetary policy, the WSJ reports.

India is hoarding Switzerland’s gold, silver

The country now accounts for 42% of Swiss exports of both precious metals.

ETF sold gold piling up as Chinese imports drop 83%

Swiss customs data for May show delivery from UK gold vaults to Switzerland's refineries jumping 32% to 32 tonnes, just as Chinese buying tanks 83%.

Switzerland last year exported $132 billion of gold

The European nation is the conduit for gold moving from West to East and business soared 77% year on year.

European central banks may end deal capping gold sales

Bundesbank board member says talks ongoing and Germany has no plans to start selling its bullion again anyway.

Swiss National Bank lost over $10bn in 2013 on weak gold prices

Its bullion reserves are now worth about $17 billion less.

Diamonds made from human ashes the industry latest (and creepiest) fad

Jewellers are converting the remains of deceased loved ones into "unique" diamonds.

Switzerland launches probe into refiner Argor for alleged Congo gold laundering

Swiss authorities to determine whether the firm knew the gold it handled in 2004 and 2005 came from a militia group in eastern Congo.

Swiss donate tax money from Glencore Xstrata to countries where firm accused of wrongdoing

Several villages are considering to follow Hedingen's example and give their tax money to charities.

Liebherr claims it has built world’s tallest crawler crane

It can lift around 600 small cars.

Glencore Xstrata sues Jamaica-owned firm over alumina shipments

Commodities trader claims Jamaica firm won't send the alumina it still owes Glencore due to a new agreement with another firm.

Swiss National Bank losses $20bn due to falling gold prices

Despite the negative figure, it reported a profit of $6.2 billions for the first half of 2013.

Swiss to vote on whether their central bank can sell gold reserves

Initiative also seeks to force the bank to keep at least 20% of its assets in the metal.

Swiss banks hike charges to store gold in their vaults 20%

Move prompted by new banking rules.

New mercury treaty leaves artisanal gold miners in limbo

Artisanal gold mining, the largest source of global mercury pollution in small-scale operations, is the only source of income for as many as 15 million people in 70 countries, mostly poor ones.

The inner workings of Swiss refineries, where two thirds of global gold is processed

2013 set to be a flourishing year for Switzerland's secretive refineries

Vale will pay $232 million in taxes to Switzerland

Brazilian miner Vale SA (NYSE:VALE) said Wednesday its fourth-quarter results would suffer after the company decided to settle a case of alleged tax evasion with Swiss authorities.

Diamonds made from cremated Australian stolen while en route to grieving parents

A pair of diamonds made from the cremated ashes of a deceased Australian man have been stolen while en route to his grieving parents.

Xstrata, Glencore shareholders to vote on merger on November 20

On November 20, 2012 Glencore and Xstrata shareholders will attend a meeting, where they will vote on the merger of both companies. The transaction is valued at USD 37 billion.

Archduke Joseph diamond set to fetch $15 million at auction

The Archduke Joseph diamond, a storied gemstone weighing more than 76 carats, is expected to fetch over USD$15 million when auctioned by Christie's in Geneva this November.

Leading investors disappointed with Xstrata's takeover 'on the cheap'

Leading investors in Swiss commodities giant Xstrata (LSE:XSTA) have expressed their disappointment and frustration at the board's recommendation of a merger with Glencore (LSE:GLEN) for what they believe to be a takeover "on the cheap."

Glencore slammed with tax dodge accusations

Glencore (LSX:GLEN) has been accused of dodging millions of pounds in tax through the use of complex derivatives to artificially reduce profits.

Xstrata board endorses Glencore merger deal just shy of deadline

Xstrata's board will recommend the merger of the company with fellow Swiss commodities giant Glencore.