Europe Mining – Page 76 – Republic of Mining

European Union seeks to stem use of conflict minerals – by Francesco Guarascio (Reuters U.S. – February 5, 2014)

February 6, 2014

http://www.reuters.com/

BRUSSELS, Feb 5 (Reuters) – The EU’s trade chief will present a voluntary scheme in March aimed at stemming the import of minerals from conflict zones and prevent mining them from financing war and strife, EU officials said on Wednesday.

Karel De Gucht’s proposal to the European Commission, the EU executive, will encompass gold, tungsten, tantalum and tin, in a bid to pressure importers to classify them as coming from areas free of conflict.

“Work is currently underway to prepare a proposal … for a comprehensive EU framework on responsible mineral sourcing in line with international guidelines,” said EU Trade spokesman John Clancy.

The United States defines the conflict mineral zone as the Democratic Republic of Congo and neighboring countries including Angola and South Sudan. They make up 17 percent of the global production of tantalum, 4 percent of the global production of tin, 3 percent of tungsten and 2 percent of gold.

Greenland’s gamble on modernization [mining, oil and gas] – by Gwynne Dyer (Hamilton Spectator – February 1, 2014)

February 3, 2014

http://www.thespec.com/hamilton/

Will vulnerable cultures be sacrificed in the race for economic growth?

Greenland has the highest suicide rate in the world: One in five Greenlanders tries to commit suicide at some point in their lives.

Everybody in Greenland (all 56,000 of them) knows this. In fact, everybody knows quite a few people who have tried to commit suicide, and one or two who have succeeded.So is it really a good idea to subject this population to an experiment in high-speed cultural and economic change?

Greenland is not fully independent: Denmark still controls its defence and foreign affairs, and subsidizes the population at the annual rate of about $10,000 per person. But Greenlanders are one of the few aboriginal societies on the planet that is dominant (almost 90 per cent of the population) on a large territory: the world’s biggest island. And it is heading for independence.

So the debate in this soon-to-be country is about what to aim for. Do you go on trying to preserve what is left of the old Arctic hunting and fishing culture, although it’s already so damaged and discouraged that it has the highest suicide rate on the planet?

Potash turning into a buyer’s market – by Rachelle Younglai (Globe and Mail – January 22, 2014)

January 22, 2014

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

The giants of the potash industry are losing their grip on the market. In a sign that the industry is shifting in favour of the buyer, Russian producer OAO Uralkali took a 24-per-cent cut in potash prices when it negotiated a semi-annual contract to supply China with 700,000 tonnes of the crop nutrient.

“This was a very good deal for the Chinese,” said Michael Levshin, analyst with Veritas Investment Research Corp. “It’s the least China has paid for potash in more than half a decade,” he said. In the past, China and India have tried to force the world’s biggest producers to reduce prices by delaying their potash purchases.

But the Asian countries had marginal success until last year when Uralkali killed the Russian-Belarus potash cartel and sent the fertilizer industry into turmoil. Before the breakup, Belarusian Potash Co. (BPC) and its North American equivalent Canpotex Ltd. controlled 70 per cent of the market.

INTERVIEW-Greenland eyes mines as melting ice cap unlocks mineral riches – by Balazs Koranyi (Reuters India – January 21, 2014)

January 21, 2014

http://in.reuters.com/

TROMSOE, Norway – Jan 21 (Reuters) – Greenland will push ahead with a uranium and rare earths mine despite the objections of its former colonial ruler and main benefactor as the melting of the polar ice cap unlocks the country’s natural resources, its prime minister said.

Arctic Greenland, with the lowest population density in the world, could open its first big iron ore mine in five years and award the first rare earths exploitation licence by 2017, hoping for riches that could attract thousands of workers and leave the locals in a minority, Aleqa Hammond told Reuters.

“We simply refuse to go under as a culture because of climate change,” Hammond, 48, said on Tuesday on a visit to Norway. “We have to adapt because the ice is disappearing and hunting is no longer the main source of income.

“But climate change gives us a new chance to survive because our minerals become accessible so we’ll adapt,” Hammond, an Inuit woman brought up to skin seals, said. “We are one of the very few countries around the world where climate change is giving us benefits.”

NEWS RELEASE: Outokumpu – Proved ore reserves of the Kemi mine significantly larger after new drillings

January 14, 2014

OUTOKUMPU OYJ – STOCK EXCHANGE RELEASE

January 13, 2014 at 4.00 pm EET

Outokumpu has updated its estimates on the proved ore reserves and mineral resources of the Kemi mine in Finland. The proved ore reserves have significantly increased compared to earlier estimates, and are now altogether 50.1 million tonnes instead of the earlier estimated some 33 million tonnes.

The 50% increase in the proved ore reserves is based on new underground drillings made below the old Surmaoja open pit. Based on these underground drillings Outokumpu has made a new excavation plan and started the preparations for the underground production in the Surmaoja ore body. The target is to begin the ore excavation in 2015. This does not require major investments, since the proved ore reserves are within the reach of the current, already expanded infrastructure.

In addition to the proved ore reserves, the updated estimates show that the mineral resources of the Kemi mine are altogether 97.8 million tonnes. The grade of the mineral resources is 29.4% Cr2O3 and that of ore reserves is 26.0% Cr2O3. The mineral resources are estimated to the depth of one kilometer, but seismic measurements indicate that mineralization continues even further downwards.

Insight: Gold mine stirs hope and anger in shattered Greece – by Deepa Babington and Lefteris Papadimas (Reuters U.S. – January 13, 2014)

January 13, 2014

http://www.reuters.com/

OURANOUPOLI, Greece – (Reuters) – A Canadian quest to mine for gold in the lush forests of northern Greece is testing the government’s resolve to prove Europe’s most ravaged economy is open again for business.

The Skouries mine on Halkidiki peninsula – a landscape of pristine beaches and rolling hills dotted with olive groves – is among the biggest investments in Greece since it sank into a debt crisis four years ago.

But it has set Greece’s desperate need for finance to rebuild the economy against the interests of its vital tourism industry, and aroused anger on the peninsula – site of the famed Mount Athos monasteries – over the environmental cost.

Vancouver-based Eldorado Gold Corp took over the project in 2012, promising to invest $1 billion over the next five years as part of a plan to mine eventually source up to 30 percent of its global gold production in Greece. Yet preliminary work on the mine, which is supposed to open in 2016, has set off months of politicking and protests.

Legal and Regulatory Environment Risk Atlas 2014 – by Maplecroft Global Risk Analytics (January 8, 2014)

January 9, 2014

http://maplecroft.com/

Myanmar has been identified as the country making the greatest improvements to its business environment for 2014. Strides have been made through reforms to address issues such as corruption; rule of law; the regulatory framework; respect for property rights; and corporate governance, reveals Maplecroft’s annual Legal and Regulatory Environment Risk Atlas (LRERA). Senegal, Guatemala, Mozambique and Rwanda, meanwhile, are among the countries with best performance over the last five years.

The fifth annual Legal and Regulatory Environment Risk Atlas includes 21 risk indices developed to enable companies and investors to monitor the ease of undertaking business in 173 countries. Since 2009 some of the biggest increases in legal and regulatory risk have been experienced by foreign investors in Argentina, Bahrain, Bangladesh and Egypt. Maplecroft states that the business environment in these countries is being curtailed by factors such as a lack of respect for the rule of law and property rights; weak investor protection; increasing regulatory burdens; and poor governance resulting from instability.

Legal mechanisms and regulatory structures are typically well entrenched features of a country that are not subject to fast change without significant political will and reform. However, over the last five years the LRERA reveals that a number of countries have made steady improvements. Senegal has risen 23 places from 28th to 51st (1st place is considered the highest risk in the LRERA), Guatemala went from 32nd to 61st, Mozambique 40th to 71st, and Rwanda 66th to 101st.

S. Korea’s Former Miners Dig Up Nation-Building Past – by Agence France-Presse/Jakarta Globe (January 3, 2014)

January 6, 2014

http://www.thejakartaglobe.com/

Fifty years ago, several hundred South Koreans went to work in German mines in the first wave of a flood of Korean migrants whose remittances helped jumpstart one of the great economic transformations of the modern age.

The experience was often lonely, and for some their contribution was tainted on their return by the social stigma attached to a job that was tough, filthy and dangerous in a society that looked down on manual labour.

As a result, they feel their role in South Korean history has been largely overlooked, despite helping to seed South Korea’s economic growth and rapid industrialisation by sending funds home.

Mostly in their 20s, the miners — the first South Koreans to work overseas since the peninsula split into the capitalist South and a communist North in 1945 — were part of Seoul’s strategy to solve a high jobless rate and earn hard foreign currency. Bae Jung-Hwan left his homeland in 1970 to work at a German mine before returning a few years later. He says he only recently told his wife and children about his past.

Digging into the Copper Coast’s past – by Paddy Woodworth (Irish Times – December 21, 2013)

December 23, 2013

http://www.irishtimes.com/

http://www.coppercoastgeopark.com/

Waterford’s geopark reveals what lies beneath our landscape, the long history of how it got there and how its minerals moulded our history

Everything we do, everywhere we stand and, ultimately, everything we eat is based on rocks, but most of us know very little about them. Very few of us could tell a visitor much about what lies beneath our local landscape, much less the long history of how it got there or how its minerals moulded our history and determined our vegetation.

The Global Geoparks Network aims to change all that. Geology, with its mind-boggling timescales and unfamiliar language, can seem a rather daunting subject, but the network wants to steer it into our cultural mainstream.

“Is a geopark just about geology?” Patrick J McKeever, vice-co-ordinator of this Unesco initiative, asked during his presentation at the opening of Waterford’s Copper Coast Geopark visitors’ centre by the Taoiseach last month.

Tale of Two Polish Mines Shows Biggest EU Producer’s Woes – by Maciej Martewicz and Marek Strzeleck (Bloomberg News – December 23, 2013)

December 23, 2013

http://www.bloomberg.com/

Stock markets aren’t usually a subject of discussion when you’re a kilometer underground, yet Dariusz Batyra isn’t a typical Polish miner.

“I check the share price each day,” said Batyra, 39, a senior foreman at the mine run by Lubelski Wegiel Bogdanka SA, one of three coal companies in Poland not controlled by the government. “Everybody does in here.”

The performance of his employer compared with competitor Kompania Weglowa SA, the biggest producer in the European Union, explains why. Since debuting on the Warsaw Stock Exchange in 2009, Bogdanka has more than doubled in value as profits rose every year but one. It has done so even as the price of coal more than halved since 2008, when the global financial crisis took hold, pushing Kompania Weglowa to the brink of collapse.

Another year of diverging fortunes for the two miners underscores the contrast in an industry that’s struggled to adapt to the reality of the free market almost a quarter of a century after communism ended in Poland.

Bogdanka employs about 5,000 and analysts expect net income of 313.5 million zloty ($103 million) for 2013, making it the most profitable of seven Polish coal producers.

Wieliczka Salt Mine Is an Incredible Polish Underground Amusement Park – by Nina Strochlic (The Daily Beast – November 14, 2013)

December 5, 2013

http://www.thedailybeast.com/

Ever windsurfed across a saltwater lake or visited a 400-year-old chapel—underground? Try it out in Poland, at an unbelievable mine-turned-subterranean playground outside Krakow.

More than 1,000 feet underground in Poland, seemingly impossible things are happening. Hot-air balloons have been launched. A bungee jumper has taken the plunge. A windsurfer has been propelled across still saltwater. A brass band has bellowed on its instruments.

Stretching nine levels beneath the earth, Poland’s Wieliczka Salt Mine is roomy enough to fit the Eiffel Tower and then some. For centuries, miners have been carving out spectacular chapels and sculptures of the country’s most beloved figures underground, not far from the medieval city of Krakow.

And in the past half century, as salt mining slowed and then halted, and tourists began arriving, the cavernous chambers have been transformed into an incredible underground amusement park of grand halls, health spas, museum-worthy art, and record-setting spectacles.

Are Potash cuts a coded message to Russians? – by Sean Silcoff (Globe and Mail – December 4, 2013)

December 4, 2013

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

OTTAWA — There are two ways to read Potash Corp. of Saskatchewan’s announcement on Tuesday that it is cutting 1,050 jobs and tooling down some production. The first is that demand from developing markets has been soft and that the cuts are necessary to reduce costs. Falling corn prices in the U.S. have also hit potash pricing, which typically moves in tandem with the grain.

The second way to read Tuesday’s news is more interesting. The folks from Saskatchewan may be sending their Slavic rivals a message: “Pay attention to what we’ve done today. We want to end this little war we’ve been having, and so should you. Then we can return to normal, and get back to minting fat profits.”

Remember that potash is predominantly mined in two areas of the world with massive subterranean deposits – Saskatchewan and a region spread out over the former Soviet Union. The three miners in Saskatchewan – Potash Corp., Mosaic and Agrium – have sold overseas for years through their jointly owned marketing organization Canpotex while Russian producer OAO Uralkali and Belaruskali, owned by the state of Belarus, had a similar joint venture called Belarusian Potash Co. or BPC.

Dundee’s real-time data innovations are as good as gold – by Eric Reguly (Globe and Mail – December 2, 2013)

December 3, 2013

The Globe and Mail is Canada’s national newspaper with the second largest broadsheet circulation in the country. It has enormous influence on Canada’s political and business elite.

CHELOPECH, BULGARIA – You would think an iPhone would be an utterly useless gadget in Dundee Precious Metals Inc.’s Bulgarian gold mine for the simple reason that the mine lies nearly a half kilometre below impenetrable rock.

But the underground reception is working well and that makes Mark Gelsomini, information technology director for the Toronto-listed company, smile like he has just tripped over a gold nugget the size of a golf ball.About 400 metres underground, his e-mails arrive without a glitch. Phones are static free.

“You’re coming in clear,” Mr. Gelsomini tells Dundee CEO Rick Howes, who is also deep underground in a dark tunnel that connects the mine’s various operations.

The free-flowing communication at Dundee’s Chelopech mine is thanks to a fully enabled underground WiFi network – a technological leap is attracting international attention.

UPDATE 2-Finland’s Outokumpu announces major financing plan, divests assets – by Jussi Rosendahl (Reuters India – November 30, 2013)

December 2, 2013

http://in.reuters.com/

HELSINKI/FRANKFURT, Nov 30 (Reuters) – The world’s No. 1 stainless steel maker Outokumpu said it planned to raise 650 million euros through a rights issue and divest assets back to ThyssenKrupp in an unexpected package of steps aimed at shoring up its finances.

The move will partly reverse Finnish Outokumpu’s 2012 acquisition of Thyssenkrupp’s stainless steel business Inoxum as it transfers a large steel plant in Terni, Italy, and high-performance alloy unit VDM back to the German group.

Outokumpu has been hit hard by Europe’s economic slowdown and by overcapacity in the industry, pushing up its debt and leading to speculation that it may need more cash from its shareholders.

The assets will be transferred to ThyssenKrupp in exchange for the cancellation of a 1.25 billion euro ($1.7 billion) loan note that Thyssen granted to Outokumpu when their original deal was done in 2012.