Archive | Europe Mining

Germany’s plan to exit coal by 2038 becomes law – by Cecilia Jamasmie (Mining.com – July 3, 2020)

https://www.mining.com/

Germany’s lower house of the parliament passed on Friday a bill to phase out coal-fired power stations in the country by 2038.

The new law entails over 50 billion euros ($56 billion) for mining companies, power plant operators, affected regions and employees to mitigate the impact of moving from coal to renewables as power source.

“The fossil fuel age is irrevocably coming to an end in Germany with this decision,” Economy Minister Peter Altmaier told lawmakers inside the chamber, urging opponents not to “talk it down”. Continue Reading →

Pandemic Helps Russia Tighten Its Grip on a Key Strategic Metal – by Yuliya Fedorinova and Felix Njini (Bloomberg News – July 2, 2020)

https://ca.finance.yahoo.com/

(Bloomberg) — As the coronavirus pandemic pummeled demand from key customers in the auto industry, Russia’s biggest mining company quietly tightened its grip on the palladium market.

MMC Norilsk Nickel PJSC was already the No. 1 miner of the metal used in autocatalysts, but the crisis has allowed it to gain market share. That’s because Nornickel’s Russian operations have barely missed a beat, while its main rivals in South Africa are struggling to ramp up production after shuttering mines during a national virus lockdown.

“Norilsk Nickel has always been considered as the last company to die,” said Artem Bagdasaryan, an analyst at BCS Global Markets. “The pandemic only highlights it.” Continue Reading →

Investor breathes new life in major Arctic coal project – by Atle Staalesen (The Barents Observer – June 25, 2020)

https://thebarentsobserver.com/en/

Trotsenko on the 18th June formalized the acquisition of 75 percent of shares in the Arctic Mining Company and intends to forge ahead with big plans for coal production on the tundra.

The businessman, one of Russia’s richest, plans to invest 33 billion rubles in the project, Forbes informs.

Troubled project

The Arctic Mining Company was formerly owned by Dmitry Bosov, the businessman that in early May this year reportedly took his own life. Bosov and his investment company Alltech had great plans for the project and originally intended to extract several hundred million tons of high-quality coal from his many license areas in Taymyr. Continue Reading →

Exclusive: EU must engage in lithium standards or lose to China, EU’s Breton says – by Foo Yun Chee (Reuters U.S. – June 18, 2020)

https://www.reuters.com/

BRUSSELS (Reuters) – EU industry chief Thierry Breton has urged EU governments to be more active in setting global standards for ultralight battery metal lithium, key to many strategic industries and electric cars, or cede technological advantage to China.

Breton’s warning underlines the European Commission’s concern as China seeks to increase its influence in setting standards for a metal crucial to the bloc’s electric car and green energy ambitions, involving major companies such as Volkswagen (VOWG_p.DE), PSA (PEUP.PA) and Siemens (SIEGn.DE).

His warning comes ahead of a June 24-25 vote by the International Organisation for Standardisation’s (ISO) technical management board on a Chinese proposal to set up a committee on lithium standards. China has proposed itself as the secretariat. Continue Reading →

Russia’s gold mine production growth to overtake China’s by 2029 – report – by Staff (Mining.com – June 14, 2020)

https://www.mining.com/

A report by Fitch Solutions states that global gold mine production growth is expected to rebound in the coming years underpinned by higher gold prices and mergers between major mining firms.

“We forecast global gold production to increase from 106moz in 2020 to 133moz by 2029, averaging 2.5% annual growth,” the document states. “This would be an acceleration from the average growth of just 1.2% over 2016-2019.”

Putting the spotlight on Russia, Fitch predicts that the eastern European giant is set to overtake China a decade from now, growing from 11.3moz in 2020 to 15.5moz in 2029. This would represent average annual growth of 3.7% during the period and would see Russia accounting for 11.6% of global output by 2029, compared to 10.6% in 2020. Continue Reading →

Poland halts work at 12 coal mines to curb COVID-19, angering union – by Agnieszka Barteczko (Reuters U.S. – June 8, 2020)

https://www.reuters.com/

WARSAW (Reuters) – Poland will close 12 coal mines from Tuesday for three weeks to curb the spread of the coronavirus among miners, Deputy Prime Minister Jacek Sasin said on Monday.

Miners account for almost 20% of coronavirus cases reported in Poland. But the Solidarity trade union denounced the move, saying it would lead to permanent closures as the nationalist government was already planning to restructure the industry.

Two mines operated by state-run JSW and 10 mines owned by PGG group will close for three weeks, Sasin said. All are in Silesia, a mining region which accounted for over half of the new 599 coronavirus cases reported in Poland on Monday. Continue Reading →

Himmler’s hidden gold? Secret society’s long-lost map could uncover 30 tons of Nazi treasure – by Staff (National Post – June 5, 2020)

https://nationalpost.com/

Could a secret society’s long-hidden diary hold the key to finding a treasure trove hidden by leading Nazi Heinrich Himmler?

That’s according to Polish news site The First News, which reports that the diary, recently handed over to a Polish foundation by a German one, could include a map that reveals the site of 30 tons of gold stashed away by Hitler’s Waffen SS.

The gold and other treasures are reportedly concealed some 60 metres beneath surface level at the Hochberg Palace in Roztoka, in Poland’s south-east. The palace was once owned by the famed Hochberg family, and the treasure is speculated to lie at the bottom of an old well. Continue Reading →

Five mines in Europe take part in €7m digitization project – by Valentina Ruiz Leotaud (Mining.com – May 31, 2020)

https://www.mining.com/

Sixteen organizations across the European Union have joined forces in Dig_IT, a consortium that is going to administer €7-million destined for a project titled A Human-centred Internet of Things Platform for the Sustainable Digital Mine of the Future.

The goal of the project is to digitize processes and operations at different mine sites in the continent, namely La Parrilla tungsten open-pit mine in Spain; the Marini Marmi underground marble mine in Italy; the Titania ilmenite open-pit mine in Norway; the Sotkamo underground silver mine in Finland; and the Hannukainen open-pit iron ore, copper and gold mine in Finland, which is in the process of being reopened. Continue Reading →

Nornickel, Murmansk Region present Pechengsky District’s development program (Tass.com – May 2020)

https://tass.com/

MURMANSK, May 26. /TASS/. The Murmansk Region’s government and the Norilsk Nickel Company (Nornickel) on May 20 presented a concept for development of the Pechengsky District. Nornickel’s Director of the Social Policies Department Svetlana Ivchenko told reporters the parties would also implement in the region a program to develop sustainable economy after Kola MMC closed down its melting shop.

The Kola MMC’s melting shop is the key business in the Nickel town, where about 11,000 live. Along with supporting divisions, the shop employs about 600 people. Their jobs will be cut gradually, and the shop will be closed by 2021. Nornickel and the regional authorities have been working on a program to settle the employment issue in the town.

“Our next step is to develop a program for the district’s social and economic development, which will be a part of the Murmansk region’s program,” she said. “The program will outline the initiatives, projects and actions. <…> We have been working on the program’s all directions.” Continue Reading →

Strategic hot spot Greenland sparks global tug-of-war – by Alex Matthews (Deutsche Welle – May 23, 2020)

https://www.dw.com/en/

The US has always seen Greenland under its sphere of influence. But the island’s increasing independence is threatening that. As it becomes more global, China and Russia see a chance to control the Arctic.

The last time the US opened a consulate on Greenland was in 1940. The German Army had just invaded Denmark and the Americans wanted to stop the Nazis gaining a foothold in the middle of the Atlantic Ocean.

This summer the US is reopening its diplomatic mission in Nuuk for the first time since 1953, as well as offering the island nation $12 million (€11 million) in investments. The money will be used to boost the territory’s mineral industries, tourism and education.

The United States’ goal this time is exactly the same it was 80 years ago. A US State Department official said a press briefing that it wants “a secure and stable Arctic where US interests are safeguarded.” But this time around it’s not Germany the US sees as challenging its interests. Now it’s Russia and China. Continue Reading →

Italians sell their gold as COVID-19 crunches economy – by Angelo Amante and Cristiano Corvino (Reuters U.K. – May 20, 2020)

https://uk.reuters.com/

ROME (Reuters) – Massimiliano Barrotta is seeing a surge in customers coming to sell their gold in his Rome store as Italians feel the economic pain of their government’s lockdown, imposed to curb one of the world’s worst COVID-19 epidemics.

The eight-week shutdown has been gradually eased since May 4, but it has left an economy on its knees, with businesses laden with debt and tens of thousands of new unemployed. The European Commission expects Italy’s economy to shrink by nearly 10% this year.

“We have seen an increase of about 50% in our purchases of gold from private customers this year, particularly in the last two weeks,” Barrotta, the manager of three “Compro Oro” (I buy gold) shops, told Reuters. Continue Reading →

Column: EU’s industrial strategy is being wrecked by coronavirus – by Andy Home (Reuters U.K. – May 20, 2020)

https://uk.reuters.com/

LONDON (Reuters) – German zinc producer Metallwerk Dinslaken (MWD) has just announced it is closing. You’d be forgiven for not noticing.

The news didn’t register with the London Metal Exchange (LME) zinc price. The company is too small with just 41 employees and annual production of 25,000 tonnes, a metallic drop in the 13.5-million-tonne global zinc ocean.

It’s also a secondary processor, converting scrap back into refined metal, and the notoriously opaque recycling sector doesn’t feature much in zinc’s market narrative. Yet companies such as MWD are supposed to be the beating heart of the European Union’s (EU) newly-unveiled industrial strategy. Continue Reading →

Eurobattery to buy Finland battery metals project – by Donna Slater (MiningWeekly.com – May 13, 2020)

https://m.miningweekly.com/

The option under the investment and shareholders agreement is linked to an obligation to provide successive cash financing for investments in the Hautalampi project.

Eurobattery will pay about €8.6-million over 48 months for the VHOy shares and the option premium, as well as the cash financing component.

The Hautalampi project is located at the same site as the Keretti (Outokumpu) copper mine, which operated during 1912 to 1989. The Hautalampi nickel/cobalt/copper orebody is located parallel to, and above, the exploited copper deposit. Existing surface and underground infrastructure provide significant location advantages in what is already a Tier 1 mining jurisdiction. Continue Reading →

UN tribunal rules against Canada’s Edgewater in legal battle with Spain – by Valentina Ruiz Leotaud (Mining.com – April 26, 2020)

https://www.mining.com/

The United Nations Commission on International Trade Law (UNCITRAL) ruled against Canadian company Edgewater Exploration (TSX-V: EDW) in its long-standing legal battle with Spain related to the Corcoesto gold project in the northwestern region of Galicia.

This week, UNCITRAL dismissed Edgewater’s pretensions to recover the $35 million it had invested in Corcoesto prior to the project being denied permission by the Galicia Regional Government, known as Xunta.

“The company’s wholly-owned subsidiary, Corcoesto S.A. had commenced arbitration in 2016 under the Spain-Panama bilateral investment treaty and the UNCITRAL Arbitration Rules (1976). Continue Reading →

Cornish copper find raises hopes for once ‘richest square mile’ – by Steven Morris (The Guardian – April 22, 2020)

https://www.theguardian.com/

A fresh discovery of copper in an area once labelled the richest square mile on Earth because of its abundant metal deposits has raised the possibility of a revival for one of the UK’s most historic industries.

During exploration for lithium in hot underground springs in Cornwall, engineers came instead upon high-grade copper in a previously unmined area.

Further drilling will take place to confirm the extent of the discovery in the parish of Gwennap, near Redruth, but there is cautious optimism that the discovery could kickstart something of a comeback for the industry. Continue Reading →