Europe Top Stories

Spain nears life without coal sooner than anyone thought

Spain last year cut use of coal faster than anyone…

Louis Vuitton is turning the world’s second-biggest diamond into jewellery

The 1,758-carat Sewelô, grabbed by the luxury brand last week,…

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FT: Greek savers rush for gold

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.

Mechel stock jumps after winning subsoil license for Pionerskoye iron ore deposit

Russian mining and metals giant Mechel listed in New York where it has a market capitalization just shy of $11bn, reported on Tuesday winning the auction for the subsoil license for Pionerskoye iron ore deposit, sending its ADRs up 3.5% in midday trade. Pionerskoye's estimated reserves as of January 1, 2010 were 137m tonnes of iron ore with high iron content, which will enable the company to produce iron ore concentrate at the early stages of development without the need to use complex beneficiation technologies.

$20bn Belaruskali takeover to form world’s largest potash producer collapses

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.

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Tata Steel sells Riversdale stake to Rio Tinto

India's Tata Steel on Thursday agreed to sell its 26 percent stake in Australia's Riversdale to Rio Tinto for $1.1 billion, giving the Anglo-Australian giant full control of the coal miner. Tata, the world's No 7 steelmaker, will sell shares in an open offer at A$16.5 each. Riversdale shares closed little changed at A$16.50 in Sydney on Thursday before Tata Steel's announcement.

Russia muscles in on Zimbabwe’s $5bn diamond stockpile

SW Radio Africa news reports India has raised concerns as Russia is set to join China in moves to control diamond mining in Zimbabwe, with the Federation’s state diamond group Gokhran seeking a license to mine at the controversial Chiadzwa fields. China already has two companies operating there in partnership with Zimbabwe’s state diamond firm. Zimbabwe is set to become the world's leading producer, with an expected volume of 40m carats per year worth some $2bn annually from the rich deposits in Chiadzwa and Marange. The troubled country, emerging from years of hyperinflation and political turmoil, is however barred from selling diamonds because of alleged human rights violations and has built up a stockpile worth $4bn–$5bn.

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.

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.