Archive | Europe Mining

Nevsun stock climbs 14% on Lundin’s $1.4B offer, but CEO eyes ‘strategic’ alternatives – by Gabriel Friedman (Financial Post – July 18, 2018)

https://business.financialpost.com/

Vancouver-based Nevsun Resources Ltd. on Tuesday urged shareholders to ignore a potential $4.75 cash per share hostile takeover offer from Toronto-based Lundin Mining Corp., and the chief executive has already signalled how his company may respond when an actual offer materializes.

In a press release, Nevsun chief executive Peter Kukielski said “several strategic parties” have expressed interest in participating as it seeks to build its copper-gold mine in Serbia, known as Timok, raising the prospect that his company could sell a stake in the asset, or strike a joint partnership with another company, which would complicate Lundin’s takeover offer.

The proposed deal came back into the news after Lundin Mining on Monday announced it intends to bid approximately $1.4 billion for Nevsun, at $4.75 per share, and plans to release a formal offer by the end of the month. In May, Lundin sought to purchase only Timok, and enlisted Euro Sun Mining Inc. to purchase Nevsun’s other main asset, a zinc-copper mine in Eritrea known as Bisha. Continue Reading →

Lundin makes another move to buy Nevsun – by Mariaan Webb (MiningWeekly.com – July 17, 2018)

http://www.miningweekly.com/

Keen to bring the Timok copper project, in Serbia, into its fold, Canadian firm Lundin Mining has announced that it will take a C$1.4-billion offer directly to Nevsun Resources shareholders, after unsuccessful attempts to engage with the company over the past five months.

Lundin, which earlier this year tried to buy Nevsun in a deal with Canadian junior Euro Sun, is now going at it alone, with a C$4.75 a share cash consideration, which it points out is a 82% premium to the target company’s closing price of C$2.61 a share when it first expressed interest in acquiring Timok.

The offer is also a premium to Nevsun’s closing price of C$4.21 a share on Monday. The prize for Lundin will be the Timok project, which has a probable reserve of 27-million tonnes at an average grade of 3.3% copper and 2.1 g/t gold, containing 0.89-million tonnes of copper and 1.8-million ounces of gold. Continue Reading →

Potential lithium ‘hotspots’ can be identified from space, study finds (Irish Examiner – July 12, 2018)

https://www.irishexaminer.com/

Satellites detecting changes in trees from space could help identify potential “hotspots” of lithium situated underground in Cornwall, researchers have said.

Global demand for lithium, a vital component in “next generation” batteries for electric vehicles and storage for renewable power, is expected to grow by around 400% by 2025.

Lithium in hot brine springs in Cornwall could provide the UK with a domestic source of the metal, which has been described as “the new gasoline” due to its potential to help in the shift to low-carbon energy supplies. Continue Reading →

A Diamond Giant Plays Up Its Russian Ties to Appeal to Americans – by Andrew E. Kramer (New York Times – July 11, 2018)

https://www.nytimes.com/

Alrosa is not a household name, but it is a dominant force in mining and wants to increase its sales in the United States.

MIRNY, Russia — Shoppers want to know where their coffee is grown, where their clothes are made and where their iPhones are assembled. The world’s biggest diamond miner is now betting that they will also care where the jewels on their engagement rings are dug up.

Alrosa, the mining company, is mounting a campaign to tell the tale of its stones’ journeys from mines deep beneath the ground on to the fingers of betrothed couples around the world. Its one barrier? The diamonds come from Russia.

The company is not a household name. In fact, most people who buy a diamond ring at a jewelry store have probably never heard of it. Continue Reading →

As Arctic warms, reindeer herders tangle with new industries – by Gwladys Fouche and Alister Doyle (Reuters U.S. – July 9, 2018)

https://www.reuters.com/

FINNMARK PLATEAU, Norway/OSLO (Reuters) – When he’s not out on the Arctic tundra with his 2,000 reindeer, his dog and Whitney Houston blasting through his headphones, Nils Mathis Sara is often busy explaining to people how a planned copper mine threatens his livelihood.

Along with other Sami herders and fishermen, the 60-year-old is in a standoff with the mine owners, Norwegian officials and many townspeople that is, after six years, coming to a head.

It is a litmus test for the Arctic, where climate change and technology are enabling mineral and energy extraction, shipping and tourism while threatening traditional ways of life and creating tensions among its four million inhabitants. Continue Reading →

How Glencore’s risky dealings in the Democratic Republic of the Congo may backfire – by Eric Reguly (Globe and Mail – July 6, 2018)

https://www.theglobeandmail.com/

Glencore took a balanced approach on its way to becoming the world’s biggest commodities trader and one of the top mining houses. It dealt with the sinners as well as the saints.

Sinners are everywhere in the mining industry, of course, and are all but unavoidable if you want to get deals done in regulatory-lite zones, notably Africa, which is blessed with endless resources – cobalt, copper, diamonds, oil – waiting to be tapped.

Glencore took big risks in Africa, one of which appears to have been its association with Dan Gertler, 44, the Israeli billionaire and commodities tycoon who has worked the mining game in Democratic Republic of the Congo (DRC) for about 20 years, to great success. Continue Reading →

SIBERIA: Will the Once-Frozen Wilderness Give Up its Riches? – by Molly Lempriere (Mine Magazine – June 2018)

https://mine.nridigital.com/

Few doubt the potential for world-class mining discoveries in Siberia, but even fewer have been prepared to look. Now, as the climate warms, interest is growing and exploration is increasing, but what challenges remain? Molly Lempriere investigates

Siberia in the north of Russia is one of the coldest, harshest places on earth. Famed for its inhospitable climate, it is also mineral-wealthy and unexploited – a true frontier region. Although it has attracted mining companies for decades, the challenging landscape and conditions have meant they have only just begun to scratch the surface of the area’s potential.

This could now be changing, as climate change leads to warmer temperatures, ice and permafrost are melting and potentially easing the mining process. The mining sector is the second-biggest contributor to GDP in Russia and is expected to continue to play an important role in its economy. Continue Reading →

London court backs Deripaska in battle of Russian tycoons – by Barbara Lewis and Polina Devitt (Reuters U.S. – June 27, 2018)

https://www.reuters.com/

LONDON/MOSCOW (Reuters) – Russian tycoon Oleg Deripaska got a boost on Wednesday in a long-running battle for control of Norilsk Nickel when a high court judge ruled fellow investor Roman Abramovich did not have the right to sell shares in the miner to a third businessman.

Deripaska, who controls aluminum giant Rusal (0486.HK), wants to stop Abramovich from selling Norilsk Nickel (Nornickel) (GMKN.MM) shares to Russian businessman Vladimir Potanin, saying that would violate a 2012 shareholder agreement.

At London’s High Court, Judge Stephen Phillips ruled such a sale by Abramovich, the owner of England’s Chelsea soccer club, breached the terms of that shareholder pact. Continue Reading →

German experts meet to discuss country’s exit from coal use (Tampa Bay Times – June 26, 2018)

http://www.tampabay.com/

Associated Press – BERLIN (AP) — Representatives from German industry, environmental groups and unions met Tuesday in Berlin to discuss how and when the country can stop using coal to generate electricity.

Climate scientists have called for Germany to do more to curb its greenhouse gas emissions, which have stagnated for about a decade. This month, the government was forced to admit it will miss its short-term climate goal by a wide mark .

Coal-fired power plants are a major source of carbon emissions that drive climate change. While Germany has ramped up production of renewable energy, it still depends on coal for over a third of its electricity. Continue Reading →

England built an empire out of coal. Now it’s giving it up. Why can’t the US? – by Carolyn Beeler (PRI.org – June 18, 2018)

https://www.pri.org/

England, perhaps more than any other country in the world, was built on coal. The first successful steam engine was invented to pump water out of British coal mines. Coal powered the railroads and ships that built Britain’s empire. It helped the country survive two world wars, and at its height between those wars, coal mines employed 1.2 million people.

So this winter, when the United Kingdom announced its plan to stop burning coal for electricity by 2025, the shift was seismic. The announcement signaled the dethroning of King Coal in a country where it had reigned for more than a century, and where just six years prior it provided more than 40 percent of the nation’s energy.

How did this happen in Britain at a time when leaders in the US were moving in the opposite direction by promising to end the “war on coal”? The answer lies not in technological innovation, but in a profound cultural shift that began decades ago in coal field communities across England. Continue Reading →

Romania says Gabriel Resources $4.4bn lawsuit over halted project can’t be heard by arbitrators – by Cecilia Jamasmie (Mining.com – June 14, 2018)

http://www.mining.com/

Gabriel Resources (TSX-V:GBU) lawsuit against Romania for $4.4 billion in alleged losses related to the company’s stalled Rosia Montana gold and silver project, suffered a setback this week as the country told international arbitrators they can’t hear the Canadian miner’s claim.

Romania’s government said a recent, ground-breaking court decision had slammed the door on certain investment arbitration cases involving European Union members, so Gabriel’s case can’t be solved that way any longer, legal news site Law360.com reported, without elaborating further on the verdict.

Earlier this month, Gabriel Resources said it expected the hearing on the merits of its suit, filed last year at a World Bank’s tribunal, to take place in December 2019. The new development, however, may mean the company will have to wait longer than anticipated to find out whether Romania will pay the demanded figure or anything at all. Continue Reading →

On the gemstone trail: A tour of Antwerp’s diamond district – by John Malathronas (CNN – June 12, 2018)

https://www.cnn.com/

(CNN) — With its flat-fronted 1960s buildings and plain color scheme, Hoveniersstraat might be dismissed as one of the most drab streets in the pretty baroque Belgian city of Antwerp.

In fact, it’s one of the most fascinating, and there are several high security clues that give the game away. The street is protected by a police station, dozens of CCTV cameras and several armed soldiers. The reason: Hoveniersstraat is the center of Antwerp’s — and the world’s — diamond industry.

About 84% of all rough diamonds and 50% of all cut diamonds on the planet are traded in this destination today. Located less than an hour from Brussels by train, the Belgian city, has been a major diamond center since medieval times. Continue Reading →

Cobalt Hunt Takes Aussie Explorer to Forest on BMW’s Doorstep – by Elisabeth Behrmann (Bloomberg News – June 13, 2018)

https://www.bloomberg.com/

The search for cobalt, a key component of the battery-powered auto fleets of the future, has arrived on BMW AG’s doorstep with a discovery of an ore deposit not far from the plant where the German manufacturer makes its i3 electric city car.

The cobalt find in a forested section of Saxony’s Eichigt municipality, Germany’s first detection of the metal in modern times, could revive mining in an area that last saw activity during the Renaissance, and help diversify raw-materials supply, exploration company Lithium Australia NL said.

Some 60 percent of the world’s cobalt is concentrated in the Democratic Republic of Congo, where concerns over working practices and political strife have sparked a global hunt for alternatives sources. Continue Reading →

EU will act against U.S. tariffs on steel, aluminum: Merkel – by Michael Nienaber (Reuters U.S. – June 10, 2018)

https://www.reuters.com/

BERLIN (Reuters) – Europe will implement counter-measures against U.S. tariffs on steel and aluminum just like Canada, German Chancellor Angela Merkel said on Sunday, voicing regret about President Donald Trump’s abrupt decision to withdraw support for a G7 communique.

Trump’s announcement on Twitter, after leaving the Group of Seven summit in Canada early, that he was backing out of the joint communique torpedoed what appeared to be a fragile consensus on a trade dispute between Washington and its top allies.

“The withdrawal, so to speak, via tweet is of course … sobering and a bit depressing,” Merkel said in an ARD television interview following the G7 summit. Continue Reading →

Russian diamond miner announces auctions and award of high Sustainability ranking – by Rebecca Campbell (MiningWeekly.com – June 7, 2018)

http://www.miningweekly.com/

Russian diamond mining major Alrosa announced on Thursday that it would hold auctions in Hong Kong and Vladivostok for large rough diamonds. The Hong Kong auction will start on June 13 and will run until June 27. The Vladivostok auction would start on June 18 and conclude on June 29. In both cases, the rough stones being auctioned will each weigh more than 10.8 ct.

Both auctions are of gem quality stones. In Hong Kong, the corporation would auction 105 lots with a total weight of 1 620 ct. In Vladivostok, it would auction 130 lots, with a total weight of 2 149 ct.

The diamonds would come from Alrosa itself and two of its subsidiaries: Alrosa-Nyurba and Severalmaz. The group had invited 150 companies, from Belgium, China, Hong Kong, India, Israel, Russia, the United Arab Emirates and the US to attend the auctions. Continue Reading →