United Kingdom

It's crunch time for UK Coal as it heads for big restructuring

The very survival of Britain?s coal mining industry depends on the success of a massive restructuring of UK Coal, which is to be announced in the next fortnight.

Russia's central bank lightens its gold holdings

Russia's central bank sold off about $200 million of gold in February, according to a report from the Financial Times.

Gold bar with tungsten core found in UK

A 1,000gm gold bar with a tungsten core was bought by a scrap dealer in the United Kingdom, reports ABC Bullion.

The bulls can rest their case on this one chart

Gold is being amassed largely on the fears that the global currency system is flawed, and bears also believe American and Chinese economies are headed for another fall. However, there is a deep economic imbalance that is rapidly being righted that can result in a lot of prosperity for all.

Scotgold expects licence for Loch Lomond gold-silver mine in May

Scotgold Resources announced Tuesday it expects to receive a mining lease from the Crown for the Cononish gold and silver project, the only one of its kind in the UK,  in May this year. Production could start early in 2013.

UK Coal digs its way to profit

The group hit its production target despite virtually no output from its Daw Mill colliery in Warwickshire during December.

Green energy irony: Next-door nuclear plant wants to stop world's first clean coal power station

The Scotland Herald reports plans to build a $4.6 billion coal-fired power station in the UK with carbon capture and storage (CCS) technology suffered another serious setback this week after the French firm that operates near-by reactors warned that the proposed coal plant endangers the safety of the nuclear facility.

LME says sell-out decision February as 2011 contracts value surges 33% to $15 trillion

Reuters reports the London Metal Exchange has been approached by several   potential bidders and will consider takeover proposals in late February according to its CEO. The LME handles some 80% of global trade in metals futures and a takeover will help the the 134-year old trading floor to compete against rapidly-expanding Asian metal trading hubs.

Widespread metal theft a sign of 'moral collapse'

Al Jazeera reports that metal theft in England is widespread, and a British railway authority says that metal theft has cost them milllions.

Diamonds display Einstein's 'spooky action at a distance'

Nature reports that quantum entanglement, odd behaviour at the subatomic level coined 'spooky action at a distance' by Albert Einstein, has been scaled up to the level of two macroscopic diamonds.

Bidders queue for MF Global LME stake – sources

4:20pm GMT By Douwe Miedema LONDON, Nov 19 (Reuters) – A raft of bidders including J.P. Morgan is lining up for failed brokerage MF Global's stake in the London Metals Exchange, two sources familiar with the situation said, providing some solace fo…

Britons sell gold for cash, boost Albemarle and Bond earnings

UK-based pawnbroker says it traded well in the four months to end-October as hard-up Britons sold their gold for cash. Pawnbroker Albemarle & Bond said it had traded well in the four months to end-October as hard-up Britons pawned and sold gold jewellery

Generation X and Y turning into Generation Au

According to a new report by MarketWatch, gold's allure is shifting to a new generation. Many people in their 20s and 30s have little faith in equities and, unlike older investors, are more inclined to consider alternative investments. Others seek tangible, hard assets as a counterweight to stocks, bonds and cash in the aftermath of the 2008 US financial crisis. And these new investors are not just gold hoarders of the doomsday variety.

Planet's largest clean coal project could be going up in smoke

The Guardian reports Scottish ministers are expected to order a public inquiry into plans to build the UK's only new coal-fired power station with carbon capture and storage (CCS) technology after it suffered another serious setback.

The latest delay follows unprecedented public opposition to the $4.8 billion project and will also damage proponents of CCS – where CO2 emissions are sequestered underground – and the so-called 'clean coal' lobby. Only two small coal CSS pilot projects exist worldwide: Schwarze Pumpe in Germany and Mountaineer Power Plant in West Virginia.

Evraz gets support for full London listing

The steelmaking firm has received acceptances for its proposed share swap and relocation to Britain from just over 98% of its shareholders, allowing it to proceed with a premium London listing. Russian steelmaker Evraz has received acceptances for its

Forgemasters' nuclear loan

UK manufacturer Sheffield Forgemasters has been offered a government loan of up to £36 million ($57 million) "to continue its drive into civil nuclear and steelworks plant production." The money will be fully repaid in time, but should help the compa…

Green light for Britain's only goldmine sparks fears for national park

The Guardian reports the approval for Britain's only commercial goldmine despite opposition from environmental groups has sparked fears for the Loch Lomond and the Trossachs National Park national park. The mine is around 1 kilometre inside the park boundary.

It was the second time Sydney-listed mining company Scotgold had applied to mine gold and silver at the Cononish site, which it bought in 2007. It was turned down last year over concerns about waste – 400,000 tonnes will be produced over the mine's 10-year life – and rehabilitation. At current prices, Scotgold believes there could be around $275 million of the precious metals at the site and it could start producing ounces early in 2013.

VIDEO: Railway copper theft crackdown in England

BBC footage shows arrest being made in a campaign to crack down on dealers who buy stolen metal that has been launched by the Transport Police in Yorkshire, England. Copper theft on railways has led to thousands of hours of delays to passengers every year. Yorkshire authorities say the problem is costing them millions a month.

Judge pares fine over deaths after hearing about UK Coal's dire finances

The UK Daily Record reports a judge hearing how four miners died following safety breaches in 2006 and 2007 at Britain's biggest mining firm – UK Coal – has indicated he will not impose fines at a level which would "cripple" a company which in court was described as being in a "pretty desperate situation".

UK Coal is a shadow of its former self – in May 2008 it was trading at £5.84 while on Thursday in London trade the company exchanged hands for 34p giving it a market capitalization of not much more than £100 million.

Over one in ten Brits have a gold stash worth more than what they have in the bank

According to a new survey by esure home insurance British distrust of banks and savings accounts has increased to such an extent that more than one in ten in the United Kingdom now own a stash of gold valued above any cash savings.

According to the survey, more than 38% of Britons also say investing in gold is better than keeping cash savings. As gold vending machines pop up in shopping malls and physical gold retailers like London-based Bullionvault surpass some central banks in gold holdings, 14% of Britons bought an item of gold as an investment in the past year.

World's largest coal-to-biomass power station conversion nears completion

Argus Media reports the biomass conversion of Germany utility RWE's Tilbury, UK, power plant is on schedule to be completed before the end of this year, possibly as soon as November. The conversion is relatively straightforward, with the main issues material handling and logistics, according to RWE.

The coal-fired power station on the banks of the Thames in England, previously scheduled for shut down in 2015 under new EU environmental regulations, hopes to produce up to 750 megawatts of green power. The news comes a day after a leaked European roadmap for energy use showed the use of coal for power generation dropping dramatically and that within 20 years all homes on the continent could be powered by wind-generated electricity.

Anti-coal protesters still at UK site

Environmental campaigners are still waiting to be evicted from a site near an opencast mine in Shropshire, a month after an eviction notice was served. UK Coal applied to mine New Works near the Wrekin area of outstanding natural beauty in Telford over 32 months.

Some residents objected but permission was granted by a planning inspector in October 2009 after a public inquiry. Protesters set up illegal camps on the site in March 2010. UK Coal's eviction notice gave them until 5 July to leave.

Sirius Minerals raises $40 million for new UK potash mine

Stocks of London-listed Sirius Minerals, the potash development group with assets in the US, Australia and the UK, jumped 5% on Wednesday after announcing financial results for the year to end March and raising £24.3 million.

The company hopes to mine the UK’s only seam of potash and has started drilling in the North York Moors National Park where it has secured mineral rights for 631 sq km of land. Sirius said York Potash has the potential to turn it into a tier one potash producer.

U.K. promises 50% cut in CO2 emissions by 2027

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.

TATA steel's restructuring to result in 1,500 jobs cut in UK

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.