Shares of North American base metal miners tumbled on Monday along with the price of copper, zinc, and nickel after the downgrade of the U.S. credit rating by S&P amplified fears of a global economic slowdown.
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A strike in South Africa's gold mining sector ended on Tuesday after a 2-year wage deal was clinched, unions and the Chamber of Mines said.
The strike at AngloGold Ashanti , Gold Fields and Harmony began last Thursday and halted output worth up to $25 million a day at bullion's current record prices. About 100,000 gold mine workers will to return to work, starting with the Tuesday night shift.
The companies' share prices extended gains on the news as gold scaled new highs over $1,635.00 an ounce on growing concerns about Europe's debt woes and anaemic U.S. growth data.
Two separate accidents at mines in Ukraine have claimed the lives of 37 miners, Reuters reported Sunday:
Rescue work ended on Sunday at two Ukrainian coal mines where accidents killed 37, and the former Soviet republic held a national day of mourning.
An explosion in a mine in the Luhansk region early on Friday killed at least 26 people and injured two, according to an updated report on the Emergencies Ministry website.
Also early on Friday, 11 miners died and four were injured at a state-owned mine in the neighbouring Donetsk region when a piece of heavy machinery collapsed.
FLSmidth has been awarded a contract worth approximately EUR 25m (approximately DKK 180m) by Jhabua Power Ltd. for the supply and installation of the first phase of a 1,800 tons per hour coal handling plant for their upcoming power plant project at Jhabua in the state of Madhya Pradesh in central India
Chile's copper output tumbled 8.5 percent to 426,477 tonnes in June after a contract workers' strike, heavy rains and power outages hit operations at the world's top copper producer, the government said on Thursday.
G-Resources Group Ltd , backed by Mount Kellett Capital and BlackRock Inc , chose to tap the equity markets with a HK$1.7 billion ($218.5 million) share placement after cancelling plans to secure a bank loan to fund its gold mining project in Indonesia.
Photo of the Martabe gold project, by G-Resources Group Ltd.
Chile's Escondida copper mine on Wednesday declared force majeure on copper concentrate sales amid a six-day strike that has hit output at the world's top deposit.
The mine is owned by global miner BHP Billiton (BHP.AX: Quote) (BLT.L: Quote) and produces about 7 percent of the world's mined copper.
Speculators in gold futures and options aggressively raised their net length during the week of July 19, as prices of the precious metal rallied to fresh records above $1,600 an ounce, latest data from the U.S. Commodity Futures Trading Commission showed.
The U.S. State Department said Friday it expects to issue a final environmental assessment next month on TransCanada Corp's (TRP.TO) proposed $7 billion pipeline that would deliver crude from Canada's oil sands to refineries to Texas.
The pipeline has been opposed by many lawmakers and environmentalists for greenhouse gas emissions associated with oil sands production and because the line would run across one of the world's largest aquifers.
Copper fell to its lowest in almost a weak on Thursday as data showed the factory sector in top metals consumer China shrank in July, but losses were capped by a softer dollar and hopes of a resolution of the Euro debt crisis.