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Europe Mining

EU sets critical mineral goals, but faces struggle to hit them – by Philip Blenkinsop (Reuters – December 18, 2023)

https://www.reuters.com/

BRUSSELS, Dec 18 (Reuters) – The European Union has set targets to dig up, recycle and refine lithium, cobalt and other metals it needs for its green transition, but a shortage of new money, crippling energy costs and local opposition could put them beyond reach.

The bloc will likely need to find ways to trim demand, find substitute materials and forge partnerships that break China’s stranglehold on mineral supplies. The Critical Raw Materials Act (CRMA), due to enter force in early 2024, says the bloc should mine 10%, recycle 25% and process 40% of its annual needs of 17 key raw materials by 2030.

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Report: Russia has laundered $2.5 billion of African gold since February 2022 – by Martin Fornusek (Kyiv Independent – December 12, 2023)

https://kyivindependent.com/

The Kremlin has laundered $2.5 billion of African gold since the start of the full-scale invasion of Ukraine, according to a report by an international group of researchers and human rights activists published on Dec. 12.

Russia’s illicit activities and ties to authoritarian regimes in Africa have been under the public eye for years. Russian mercenaries on the continent, whose operations help to fill Moscow’s coffers, have been repeatedly accused of human rights abuses against local populations.

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US Sanctions Russian Metals Magnate Sviblov and Gold, Zinc Firms – by Jack Farchy (Bloomberg News – December 12, 2023)

https://www.bnnbloomberg.ca/

(Bloomberg) — The US imposed sanctions on Russian mining magnate Vladislav Sviblov and several mining companies connected to him, including one that’s developing one of the world’s largest zinc mines.

The sanctions are the latest move against the Russian metals and mining sector, and come after the UK imposed sanctions against Sviblov last month. Sviblov emerged as a significant player in the Russian metals scene in recent years, buying up several mid-sized gold companies, as well as building what was set to be one of the world’s largest zinc mines at Ozernoye in Siberia.

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G7 to sanction Russian diamonds as of January – by LAURA HÜLSEMANN AND BARBARA MOENS (Politico EU – December 6, 2023)

https://www.politico.eu/

Russian diamonds are one of the last resources not sanctioned by the G7, meaning the profits from selling them can go into the Kremlin’s war chest.

G7 leaders on Wednesday agreed to impose a direct import ban on Russian diamonds as of January, while introducing a tracing system for diamonds during next year.

Russian diamonds are one of the last resources not sanctioned by the G7, meaning the profits from selling them can go into the Kremlin’s war chest.

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Nornickel expects palladium and platinum shortage to widen this year – by Vladimir Basov (Kitco News – December 4, 2023)

https://www.kitco.com/

(Kitco News) – In its recent research report released today, Nornickel, the world’s largest producer of palladium and high-grade nickel, said that it has revised the 2023 palladium market deficit from -0.2 Moz to -0.9 Moz.

The company added it has reviewed the secondary supply of palladium from +9% growth down to 15% fall, while slightly lower than expected primary production from North America will be offset by weaker electronics demand. As for the platinum market, Nornickel expects it to flip into the fundamental deficit this year.

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Deep-sea mining in the Arctic Ocean gets the green light from Norwegian lawmakers (Associated Press – December 5, 2023)

https://www.msn.com/

COPENHAGEN, Denmark (AP) — Norway’s minority center-left government and two large opposition parties made a deal Tuesday to open the Arctic Ocean to seabed mineral exploration despite warnings by environmental groups that it would threaten the biodiversity of the vulnerable ecosystems in the area.

Norway said in June it wanted to open parts of the Norwegian continental shelf for commercial deep sea mining in line with the country’s strategy to seek new economic opportunities and reduce its reliance on oil and gas.

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Ukraine’s coal mines turn to women to solve wartime staff shortages – by Max Hunder (Reuters – November 22, 2023)

https://www.reuters.com/

PAVLOHRAD, Ukraine, Nov 22 (Reuters) – After more than a thousand of its workers went to fight Russia’s invasion, a coal mining enterprise in eastern Ukraine suffered a huge staff shortage. Its answer was to allow women to work underground for the first time in its history.

Over a hundred took up the offer. “I took this job because the war started and there were no other jobs,” 22-year-old Krystyna said candidly. For five months, she has worked as a technician 470 metres below ground, servicing the small electric trains which haul workers more than four kilometres from the lift shaft where they descend to the seams of coal.

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UK Sanctions on Russian Plant Send Jitters Through Palladium – Eddie Spence (Bloomberg News – November 10, 2023)

https://www.bnnbloomberg.ca/

(Bloomberg) — The cost of borrowing palladium has climbed since the UK imposed sanctions on a key Russian refiner earlier this week, reflecting bets that it may lead to supply disruptions.

Britain on Wednesday announced sanctions on Krastsvetmet JSC, which is the main refinery used by top palladium producer MMC Norilsk Nickel PJSC. If Western companies seek to avoid products processed at the refinery in response to the sanctions, Norilsk — which accounts for about 40% of global output — may struggle to find a more palatable alternative.

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That diamond ring? It may have helped pay for Russia’s war – by Daniil Ukhorskiy (Kyiv Independent – October 12, 2023)

https://kyivindependent.com/

Editor’s note: This story uses sources who are speaking on condition of anonymity since revealing their identities would heavily damage their careers and expose them to legal and personal risks in the diamond industry. Their identities are known to the Kyiv Independent.

Soon after Russia launched its full-scale invasion of Ukraine, luxury brands like Tiffany and Cartier announced they had stopped buying Russian diamonds. An investigation by the Kyiv Independent has found evidence to the contrary. A year and a half into the all-out war, export data shows Russia keeps selling its diamonds to the West. Now, through intermediaries, primarily Dubai.

Thanks to weak American sanctions and the absence of any in the European Union, Alrosa, the leading Russian diamond producer partly owned by the state, keeps profiting from diamond sales. The company may be using some of its profit to fund the Russian military directly. Alrosa has not responded to a request for comment.

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Fierce community opposition to copper, lithium projects threatens energy transition – by Editor (Mining.com – November 9, 2023)

https://www.mining.com/

Nationwide protests against mining projects are once again grabbing headlines amid a sweeping sense of urgency from governments and communities to gain greater control over minerals and metals that are essential for the transition to a low-carbon economy.

While nothing new, resource nationalism has ignited high-profile disputes in recent weeks, with First Quantum’s struggles in Panama and lithium miners’ in Portugal the two most radical examples.

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Portuguese PM António Costa resigns over lithium deal probe – by Ana Nicolaci da Costa (British Broadcasting Corporation – November 7, 2023)

https://www.bbc.com/

Portuguese Prime Minister António Costa resigned after investigators searched his official residence in an inquiry into alleged corruption. He said he had not been named as a suspect but believed the inquiry was incompatible with staying in office.

Prosecutors said on Tuesday they were investigating concessions awarded for lithium mines and hydrogen production. They said detention warrants were issued for five people including Mr Costa’s chief of staff, Vítor Escária.

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EU to move ahead with Russian diamond ban next week – by Henry Foy (Financial Times – November 8, 2023)

https://www.ft.com/

Foreign policy chief says agreement at G7 level cleared hurdles set by Belgium and other countries

The EU is set to move ahead with a long-stalled ban on Russian diamonds next week after securing sufficient backing from the G7 group of developed nations, according to the bloc’s foreign policy chief.

Diamonds are one of the few major Russian exports still untouched by EU sanctions imposed in response to President Vladimir Putin’s full-scale invasion of Ukraine last year, due to extensive wrangling over how any embargo would work effectively.

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UK Sanctions Gold Trader and Miners in New Russian Clampdown – by Jonathan Browning (Bloomberg News – Novmeber 8, 2023)

https://www.bnnbloomberg.ca/

(Bloomberg) — The UK government targeted Russian gold miners, the largest refiner and a Dubai-based trader involved in routing funds to Moscow as part of a package of fresh sanctions tied to the country’s gold and oil sectors.

The UK on Wednesday sanctioned Nord Gold Plc and Highland Gold Mining Ltd. alongside Krastsvetmet JSC, the biggest precious metals refinery in Russia.

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Portugal PM Quits After Chief of Staff Held in Corruption Probe – by Henrique Almeida and Joao Lima (Bloomberg News – November 7, 2023)

https://www.bnnbloomberg.ca/

(Bloomberg) — Portugal’s Antonio Costa unexpectedly ended his eight years as prime minister after revelations about an investigation into possible government corruption involving lithium and hydrogen projects.

The resignation on Tuesday came as police raided locations including offices used by the premier’s chief of staff as well as the environment ministry and the infrastructure ministry.

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In diamond centre Antwerp, Russian gems are already shunned – by Julia Payne (Reuters – November 3, 2023)

https://www.reuters.com/

ANTWERP, Belgium, Nov 3 (Reuters) – Only a few weeks after Russia invaded Ukraine in February 2022, Antwerp-based diamond dealer Thierry Tugendhaft started receiving calls from big jewellers in Paris asking him to stop supplying them with Russian stones.

He was not the only one. Other diamond firms in Antwerp, the world’s biggest centre of trade in rough diamonds and cutting of the biggest gems, were asked to avoid Russian stones. No easy task when Russia supplies about one third of global demand.

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