Archive | Europe Mining

Russian Mining Tycoons Eyeing Return to London Stock Market – by Yuliya Fedorinova and Jack Farchy (Bloomberg News – April 26, 2017)

https://www.bloomberg.com/

For three years, Russian companies retreated from the London stock market. Now, a pair of oil and mining billionaires is hoping to break the drought.

En+ Group Ltd., owned by aluminum magnate Oleg Deripaska, and Polyus PJSC, a gold producer controlled by the family of Suleiman Kerimov, are planning to sell shares in May or June. If successful, they could raise as much as $3 billion in London and Moscow.

The deals will test investor appetite for Russian assets after a rally in share prices, driven by the commodities recovery and expectations of receding tensions between Moscow and the U.S. While there have been some secondary share sales in London, including by Novolipetsk Steel PJSC in December, En+ and Polyus would be the first Russian companies to join the London exchange since 2014, according to London Stock Exchange data. Continue Reading →

Strongbow’s South Crofty to revive age-old tin mining tradition in Cornwall – by Henry Lazenby – April 21, 2017)

http://www.miningweekly.com/

VAANCOUVER (miningweekly.com) – Bolstered by strengthening tin prices and improving fundamental support in the long term, Canadian mineral exploration firm Strongbow Exploration is set to revive a mining tradition in England’s county of Cornwall, that reaches back thousands of years to the early Bronze Age.

The company’s flagship asset, the South Crofty project, is a past-producing underground tin/copper mine, located in the town of Pool, in the historic Cornwall tin mining district of south-west England. The project is located 390 km west-southwest of London, and is about 4.5 km south of the Celtic sea coast.

The Cornish mining industry, which started about 2150 BCE, reached its peak in the nineteenth century, when thousands of workers were employed in up to 2 000 mines, before the industry collapsed when ores began to be produced more cheaply abroad in Malaysia and Indonesia, among others, Strongbow president and CEO Richard Williams tells Mining Weekly Online in an interview. Continue Reading →

Galantas Gold plummets as it halts Irish mine expansion on terrorism fears – by Cecilia Jamasmie (Mining.com – April 24, 2017)

http://www.mining.com/

Shares in Galantas Gold (TSX, LON:GAL) collapsed in London Monday after the Canadian miner announced it had halted expansion work at its Omagh gold mine as the Police Service of Northern Ireland (PSNI) said it was unable to guarantee it the necessary “anti-terrorism cover” for its blasting operations.

The Toronto-based company, which had has begun underground development at Omagh last month, was going to create 130 new jobs due to the expansion, but it now says it was reviewing potential redundancies with recently hired mine staff, and any new recruitment or ongoing investment had been “deferred”.

The stock plummeted on the news and it was down almost 33% to 4.65p at 1:41PM GMT, while it was trading 20% lower in Toronto at 9:38AM. PSNI told the company that due to resource constraints and competing priorities, it was currently only prepared to provide anti-terrorism cover for a maximum of a two-hour period, two days a week. Continue Reading →

For First Time Since 1800s, Britain Goes a Day Without Burning Coal for Electricity – by Katrin Bennhold (New York Times – April 21, 2017)

https://www.nytimes.com/

LONDON — Friday was the first full day since the height of the Industrial Revolution that Britain did not burn coal to generate electricity, a development that officials and climate change activists celebrated as a watershed moment.

The accomplishment became official just before 11 p.m., when the 24-hour period ended.
Coal powered Britain into the industrial age and into the 21st century, contributing greatly to the “pea souper” fogs that were thought for decades to be a natural phenomenon of the British climate.

For many living in the mining towns up and down the country, it was not just the backbone of the economy but a way of life. But the industry has been in decline for some time. The last deep coal mine closed in December 2015, though open cast mining has continued. Continue Reading →

Indigenous law banishes a giant B.C. mine – by Elizabeth McSheffrey (National Observer – April 21, 2017)

http://www.nationalobserver.com/

The moment you step onto Stk’emlúpsemc te Secwépemc land in southern British Columbia, according to Chief Ron Ignace, you are a beggar. As an outsider, you have no rights and you’ve strayed away from your home and family. You are considered a poor person, he tells National Observer, and you are beholden to the First Nations on whose territory you stand.

His message takes aim at anyone who wants to do business or travel on his nation’s land, be they tourists, government, companies, fishers, or boaters.

“The days of colonial authoritarianism are over,” he says. “It’s time for Canada to recognize that we are nations, as nations we have rights to our land, and if we are approached honourably, we can sit down and come to a fair and just conclusion.” Continue Reading →

In one of coldest spots on earth, Russia bets on boosting gold output – by Diana Asonova (Reuters U.S. – April 13, 2017)

http://www.reuters.com/

UST-NERA, YAKUTIA, RUSSIA – In winter it gets so cold that metal snaps. When the weather is warmer people make a living sifting the earth for fragments of gold in the Oymyakon district of Russia’s far eastern Yakutia region.

But the unusually rich deposits of the alluvial gold near the surface are running out and producers have had to switch to the more expensive process of digging mines to extract gold ore.

Production at the first two mines to be opened in the area since the fall of the Soviet Union will start soon. One is being launched by GV Gold, with U.S. fund BlackRock and the European Bank for Reconstruction and Development among its shareholders, and another by the locally-owned Yantar group. Continue Reading →

The Kola Mining and Metallurgy Combine: Northwest Russia polluter posts impressive cuts in harmful emissions – by Anna Kireeva (Bellona.org – April 12, 2017)

http://bellona.org/

In a surprising development, the Kola Mining and Metallurgy Company –which for decades has stubbornly fouled air over Northwest Russia and Scandinavia – last year reduced its emissions of harmful sulfur dioxide by more than 20 percent.

The KMMC, a daughter company of the giant Norilsk Nickel, reported last week that its sulfur dioxide emissions for 2016 totaled 119,700 tons, which is 35,000 tons less than the previous year.

The new emissions figures seem to reverse a rise in the toxic heavy metal pollution that began in 2011. That year, the KMMC posted figures as high as 134,000 tons a year. They rose in subsequent years, plateauing at a towering 154,900 tons in 2015. Continue Reading →

Switzerland is Key to Global Gold – by Lawrence (Lawrie) Williams (United States Gold Bureau – April 5, 2017)

https://invest.usgoldbureau.com/

Lawrence (Lawrie) Williams is a precious metals market expert. He worked as a mining engineer and analyst in Africa and North America and wrote for the Mining Journal, and subsequently managed the publishing company, for over 36 years. Williams shares his unique knowledge of the precious metals industry at the United States Gold Bureau and other outlets.

The small (in area and population) European nation of Switzerland is the location of four of the world’s largest gold refineries – Argor-Heraeus, Metalor, Produits Artistiques Metaux Precieux (PAMP) and Valcambi.

Between them they refine annually a volume of gold equivalent to more than half global new mined gold output – sometimes far more when Asian demand is running particularly high, as in 2013, and when supply is plentiful (2013 saw huge disinvestment out of the major gold ETFs). That year Swiss refineries processed, and exported, around 2,600 tonnes of gold equivalent to about 80% of global new mined gold output. Continue Reading →

Swedish Miner Says Donald Trump Doesn’t Hold Key to Metal Prices – by Hanna Hoikkala and Niklas Magnusson (Bloomberg News – March 28, 2017)

https://www.bloomberg.com/

The operator of some of Europe’s largest copper and zinc mines expects President Donald Trump’s plans to spend on U.S. infrastructure to have much less impact on base-metal prices than the needs of burgeoning middle-class populations in emerging markets.

That’s because projects in the U.S. and other developed countries simply won’t use enough zinc or copper to have any significant impact on prices, Lennart Evrell, chief executive officer of Sweden’s Boliden AB, said in a March 22 interview. When poorer and less-developed countries decide to build transport and power networks they consume far more of these materials, he said.

“The U.S. is not big enough when it comes to commodities,” Evrell said. “It may be a very big economy, but when it comes to need for base metals, it’s more about the earlier stages of a country’s development, and the U.S. is not in that phase. We believe the driver behind the recent metals price increases is the rest of the world, and not Trump, as prices fell roughly as much after his election as they had gained in conjunction with his election.”’ Continue Reading →

Discover The World’s Most Beautiful Coal Mine – by Sheobi Anne Ramos (Travelers Today – March 23, 2017)

http://www.travelerstoday.com/

In Germany, there lies a treasure unlike any other: a coal mine. You might scoff at the idea, but the Zollverein Coal Mine in Germany is a UNESCO World Heritage Site, also known as the most beautiful coal mine in the world.

Coal mining in this complex started in 1851 and was a vital part of Germany’s history. The famed “black gold” was dug here to fuel Germany’s industrial revolution, and during the Second World War, over 3.6 million tons of coal were produced.

Back then, the Zollverein Coal Mine was one of the most important industrial complexes in Europe, and for the years that followed, several more buildings and refurbishments were added to further increase the productivity of the place. For 135 years, the complex churned and the workers toiled in “Shaft XII” of the complex until it was decommissioned in 1986. Continue Reading →

Does Norilsk Nickel deserve to be Russia’s environmental gold standard? – by Charles Digges (Bellona.org – March 22, 2017)

http://bellona.org/

Norilsk Nickel, the giant Northern Siberian nickel producer and historically one of the country’s biggest polluters, won a prestigious environmental nod from the Russian Union of Industrialists and Entrepreneurs for closing down one of its most infamously befouling facilities

Norilsk Nickel, the giant Northern Siberian nickel producer and historically one of the country’s biggest polluters, won a prestigious environmental nod from the Russian Union of Industrialists and Entrepreneurs for closing down one of its most infamously befouling facilities.

According to the Russian business daily Vedomosti, the environmental award from the industrialists’ union is one of the organization’s key annual events. Russia’s environmental minister, Sergei Donskoi, who presented the prize, called Norilsk Nickel “the absolute leader in environmental change occurring in the industrial policy in Russia.” Continue Reading →

Greenland closer to building world’s fifth-largest uranium mine – by Cecilia Jamasmie (Mining.com – March 13, 2017)

http://www.mining.com/

It would also be the world’s second-biggest rare earths operation.

Greenland may soon start building the world’s fifth-largest uranium mine and second-biggest rare earths operation, which could fuel independence dreams in the island, an “autonomous administrative division” within Denmark since 2009.

The proposed open pit mine in the southern town of Kvanefjeld is expected to process over 100 million tonnes of ore in the coming decades, helping Greenland to diversified its economy. According to Danish Radio, it would also alleviate the island’s dependence on a locked Danish subsidy of 3.2 billion DKK (about $500 million), which constitutes about half of its budget.

But Greenland Minerals and Energy’s (ASX:GGG) project, which would have an annual processing capacity of 3 million tonnes of ore a year and employ at least 325 locals, is facing opposition from those who don’t want to see major landscape and environmental changes. Continue Reading →

Russia proposes creating aluminum OPEC: Trade Minister (Reuters U.S. – February 27, 2017)

http://www.reuters.com/

Russia is proposing the creation of an OPEC-like organization for the global aluminum industry, TASS news agency quoted Russian Industry and Trade Minister Denis Manturov as saying on Monday.

Russia’s Rusal was overtaken by China’s Hongqiao as the world’s biggest aluminum producer several years ago, as Rusal cut back its production capacity due to a fall in prices. Manturov told reporters about the idea of an aluminum-making group on the sidelines of an economic conference in Russia’s Black Sea resort of Sochi.

OPEC, the Organization of the Petroleum Exporting Countries, unites some of the world’s largest oil producers. Its members, together with non-OPEC oil producers such as Russia, agreed to reduce oil production and support global prices in 2016. Continue Reading →

KGHM builds copper smelter in Poland (Resource World – February 9, 2017)

http://resourceworld.com/

The investment by one of the world’s largest copper and silver producers, KGHM Polska Miedź S.A. [KGH-WSE], in the Głogów Copper Smelter (HMG I), in western Poland, represents a milestone in the history of Polish metallurgy and puts KGHM at the forefront of copper producers.

KGHM said the state-of-the-art copper smelter is world’s largest flash furnace and electrical furnace. This unique technology is currently used only in three places in the world – one of them is Głogów. The opening ceremony at the smelter was held January 20, 2017.

This completed the implementation of the multi-annual Programme for Modernisation of Pyrometallurgy. Construction of a concentrate roasting installation, which will be launched in the fourth quarter of 2017, is an additional part of the Programme. Continue Reading →

Russians Come in From Cold as Trump, Commodity Markets Align – by Yuliya Fedorinova (Bloomberg News – February 10, 2017)

https://www.bloomberg.com/

As Donald Trump edges the U.S. closer to a thaw in relations with Vladimir Putin’s Russia, commodity investors are already jumping in. A plan by United Co. Rusal, the biggest Russian aluminum maker, for a London sale of shares valued at about $1.7 billion is the latest sign that Russia’s exile from world markets is over for the nation’s metal and mining giants.

It’s a turnaround from years in which slumping raw-materials prices, a weak economy and sanctions imposed by then-U.S. President Barack Obama over the annexation of Crimea punished valuations and drove away foreign investors.

Share sales by Russian mining companies have been rare since 2010. Until two months ago, PhosAgro PJSC’s offering in April 2013 was the last major sale by a non-state Russian mining company. The fertilizer miner and processor is among those that have returned since December. Continue Reading →