International Media Resource Articles – Page 538

BHP: Fukushima set uranium industry back for years – by Michael Owen (The Australian – June 27, 2016)

June 27, 2016

http://www.theaustralian.com.au/

A key reason for BHP Billiton’s decision four years ago to indefinitely mothball a $30 billion plan to turn Olympic Dam into the world’s biggest uranium mine was the Fukushima nuclear plant explosion rather than cost concerns, it has been revealed.

Senior BHP executives told The Australian that although lingering effects from the global financial crisis in 2008 were used to publicly justify the 2012 decision by BHP’s board not to proceed with the original expansion plan, the real concern was the effect of the Fukushima disaster on demand for uranium and its price.

“You have to consider the events that occurred around that time … Fukushima changed everything and probably set the nuclear energy and uranium industry back years, if not decades,” one senior BHP executive said.

Kuczynski wants Peru to become metals refining hub: finance minister – by Mitra Taj and Marco Aquino (Reuters U.S. – June 24, 2016)

June 27, 2016

http://www.reuters.com/

LIMA – President-elect Pedro Pablo Kuczynski wants China to help transform Peru into a metals refining hub to boost the Andean country’s key mining exports as prices for them slump, the incoming finance minister said.

Alfredo Thorne told Reuters that some Chinese companies have already signaled interest in partnering in developing new refineries, part of Kuczynski’s plans to boost infrastructure investments to rev up sluggish economic growth.

Kuczynski, a 77-year-old former investment banker and prime minister, plans to discuss the proposal in detail with officials in China on his first trip abroad as Peru’s president after taking office July 28, Thorne said.

Australia’s Election Is a Fight for a Future After Mining – by Jason Scott (Bloomberg News – June 26, 2016)

June 27, 2016

http://www.bloomberg.com/

Australia is heading to elections on July 2 to determine which party will steer the economy through a fading mining investment boom and a deterioration of public finances.

Seeking a second term for his Liberal-National coalition, Prime Minister Malcolm Turnbull says he’s best-placed to create new growth drivers through innovation and tap into growing Chinese demand for Australian services such as tourism and education

Turnbull, 61, also wants to draw a line under almost a decade of unprecedented political instability that’s seen Australia churn through six prime ministers since 2007. The former investment banker is being challenged by one-time trade union leader Bill Shorten, 49, who leads the main opposition Labor party.

[Democratic Republic of the Congo] Resurgent mining sector leads economic growth – by Tim Cashion (Washington Times – June 23, 2016)

June 27, 2016

http://www.washingtontimes.com/

The Democratic Republic of the Congo has long been known for its wealth of natural resources. Wars have been fought over them, and to this day they are the reason for neighbors meddling in DRC affairs, and militias and criminal gangs looking for ways to get hold of them for financial benefit.

In the colonial era, Belgium controlled the trade in rubber, copper and later gold and diamonds. These are still important exports of the DRC, but now the list of precious metals and other minerals exported to world markets is considerably longer.

Among leading export is cobalt, with the DRC providing 55 percent of the world consumption. Copper continues to be a major export too, and generates some 30 percent of the country’s export revenue.

Documentary: The Bomb (2015)

June 24, 2016

http://www.pbs.org/

The Bomb is a 2015 American documentary film about the history of nuclear weapons, from theoretical scientific considerations at the very beginning, to their first use on August 6, 1945,[1][2] to their global political implications in the present-day.

[3][4][5][6][7] The two-hour PBS film was written and directed by Rushmore DeNooyer, who noted the project took a year and a half to complete, since much of the film footage and images was only recently declassified by the United States Department of Defense.[5]

According to DeNooyer, “It wouldn’t take very many bombs to really change life on Earth, … The idea that there are thousands of them sitting around is pretty scary. I don’t think people today realize that. They don’t think about it. I don’t think they are scared.

Gold Rises Most Since 2008 Crisis as Investors Seek Brexit Haven – by Jasmine Ng, Eddie Van Der Walt and Ranjeetha Pakiam (Bloomberg News – June 24, 2016)

June 24, 2016

http://www.bloomberg.com/

Gold surged the most since the height of the 2008 global financial crisis after the U.K. voted to exit the European Union, causing turmoil across markets and boosting haven demand.

Bullion jumped as much as 8.1 percent and futures trading volume was three times the average for this time of day. As the pound tumbled against the dollar, gold priced in sterling rallied as much as 19 percent and mining companies such as Barrick Gold Corp. and Newmont Mining Corp. advanced.

“We’re still seeing strong volumes across the precious metals space, which should be expected based on risk-off positioning” by investors, Maxwell Gold, a director of investment strategy at ETF Securities, which sells exchange traded funds backed by gold and other precious metals. “Global focus should reshift back more towards the longer-term impact from the Brexit and how this might potentially delay the Fed” from raising interest rates, he said.

As Europe Drops Coal, Poland Embraces It – by Ladka Mortkowitz Bauerova and Maciej Martewicz (Bloomberg News – June 24, 2016)

June 24, 2016

http://www.bloomberg.com/

The World Health Organization estimates that two-thirds of the European Union’s 50 most-polluted cities are in Poland, largely in the mining region of Upper Silesia, where the smell of burning coal lingers in the air.

Undaunted, Poland’s government is doubling down on coal. “Building more efficient coal power plants will get us better results in cutting CO2 emissions than building renewable energy sources like wind or solar,” says Energy Minister Krzysztof Tchorzewski, a member of the Law and Justice party, which swept to power in October with union backing after it pledged to preserve mining jobs.

Even as other European countries shun coal, Poland is still addicted, getting almost 90 percent of its electricity from it. That has more to do with politics and fear of job losses than with the inability to generate power from other sources.

Fatal shooting highlights risks of search for uncovered riches – by Barry Fitzgerald(The Australian – June 24, 2016)

June 24, 2016

http://www.theaustralian.com.au/

Australia’s resources industry is among the most adventurous in the world. It has long been prepared to travel to where the orebodies are, or where they might be found.

The adventurous streak reflects the crowded tenement scene in Australia, with coverage of prospective rocks near absolute. But leaving the crowd behind comes with greater risks.

As the fatal shooting of a local employee in Nigeria of ASX-listed mining contractor Macmahon Holdings, and the kidnapping of seven other employees including three Australians, has shown, the risks can be extreme.

Documentary: Uranium – Twisting The Dragon’s Tail (2015)

June 24, 2016

The story of uranium is part science, part history and all epic adventure. It’s a journey through place and time, around the most dangerous and wondrous rock on Earth.

Born violently in the collapse of a star long ago, uranium is woven throughout the fabric of Earth. It has properties like no other rock: the element spits energy which can transform DNA, shaping the very nature of what it means to be human. Once considered worthless, this rock has become the most desirable, most expensive and most feared substance in the world. And on a warming planet with limited fossil fuel, uranium may transform once again—into our savior.

Uranium: Twisting the Dragon’s Tail is an action-packed journey to explore this dangerous, wondrous and controversial rock. Join physicist Dr. Derek Muller, creator of YouTube channel Veritasium, as he travels to Russia, Japan, North America, Europe and Australia to explore the vast world of this fascinating element.

Commodities Reel in World Market Tumult as U.K. Votes for Brexit – by Dan Murtaugh, Heesu Lee and Thomas Biesheuvel (Bloomberg News – June 24, 2016)

June 24, 2016

http://www.bloomberg.com/

Commodities were swept up in a global market frenzy as investors sold assets linked to economic growth such as oil and copper and sought safety in precious metals after U.K. voters opted to leave the European Union.

Gold posted its biggest one-day gain since the global financial crisis of 2008 and silver jumped the most in 18 months after U.K. voters backed the “Leave” campaign by 52 percent to 48 percent in a referendum on EU membership.

Brent crude futures slumped as much as 6.6 percent and copper in London sank the most since Jan. 7 as the U.S. dollar surged. The Bloomberg Commodities Index of returns on 22 raw materials fell as much as 2.2 percent, the most since January.

Gold races to highest in over 2 years after Britain votes to leave EU – by Jan Harvey (Reuters U.K. – June 24, 2016)

June 24, 2016

http://uk.reuters.com/

LONDON, June 24 Gold soared as much as 8 percent to its highest in more than two years on Friday after Britain delivered a shock vote to leave the European Union, leaving investors to seek protection in the precious metal.

Gold delivered double-digit percentage gains in sterling terms, topping 1,000 pounds an ounce for the first time in more than three years, while gold priced in euros rallied as much as 13 percent.

The metal pulled back from early highs however as the dollar, in which it is priced, headed for its biggest daily gain since 1978 against a currency basket, but remained elevated. Spot gold peaked at $1,358.20 per ounce and was up 4.5 percent at $1,313 an ounce at 0753 GMT, while U.S. gold futures for August delivery were up $59.40 an ounce at $1,322.50, off an early high of $1,362.60 an ounce.

Stocks crash after UK vote to quit EU shocks investors – by Youkyung Lee and Danica Kirka (Associated Press – June 24, 2016)

June 24, 2016

http://bigstory.ap.org/

LONDON (AP) — Stock markets crashed, oil prices tumbled and the pound fell to a 31-year low on Friday as Britain’s unprecedented vote to leave the European Union shocked investors and dragged the region, the world’s largest economic bloc, into a new era of uncertainty.

Investors rushed to dump European shares as soon as markets opened, following earlier drops in Asia, and Wall Street was set to fall sharply amid concerns about the economic consequences of the vote. The move could drain confidence among companies and business in Britain and the wider EU, which some fear could even face more defections.

Britain’s FTSE 100 plunged about 8 percent but recovered slightly for a 5 percent loss. The German index tanked 10 percent, which would be its biggest one-day decline ever, and France’s index tumbled about 7 percent. Wall Street was due to open sharply lower, with Dow and S&P 500 futures down 2.4 percent and 3.2 percent.

Britain Votes to Leave E.U.; Cameron Plans to Step Down – by Steven Erlanger (New York Times – June 23, 2016)

June 24, 2016

http://www.nytimes.com/

LONDON — Britain has voted to leave the European Union, a historic decision sure to reshape the nation’s place in the world, rattle the Continent and rock political establishments throughout the West.

Not long after the vote tally was completed, Prime Minister David Cameron, who led the campaign to remain in the bloc, appeared in front of 10 Downing Street to announce that he planned to step down by October, saying the country deserved a leader committed to carrying out the will of the people.

The stunning turn of events was accompanied by a plunge in the financial markets, with the value of the British pound and stock prices in Asia plummeting. The margin of victory startled even proponents of a British exit. The “Leave” campaign won by 52 percent to 48 percent. More than 17.4 million people voted in the referendum on Thursday to sever ties with the European Union, and about 16.1 million to remain in the bloc.

RPT-COLUMN-Rio Tinto’s cleared the decks, now time to change iron ore tack – by Clyde Russell (Reuters U.s. – June 23, 2016)

June 23, 2016

http://www.reuters.com/

The beautiful thing about cleaning out the executive ranks is that it gives a company an opportunity to press the reset button on strategies and positions. Rio Tinto should seize the moment and come up with a forecast for Chinese steel output that is more realistic.

Jean-Sebastien Jacques, who takes over from Sam Walsh as chief executive at the start of July, has already moved to put his stamp on the world’s second-largest mining company. Rio announced on Tuesday that the head of its iron ore division, Andrew Harding, would leave the company on July 1 as part of a restructuring.

Harding’s job of running Rio’s main profit contributor will be taken by Chris Salisbury, the current acting chief of copper and coal. Iron ore accounts for some 90 percent of Rio’s profit, making it by far the miner’s most important division.

[Columbia] Rebel ‘Romance’ Means Gold and Cocaine to Flow After Peace Deal – by Andrew Willis (Bloomberg News – June 23, 2016)

June 23, 2016

http://www.bloomberg.com/

Victor Builes’s account of his four years as a Colombian rebel money man offers a harsh reality check for politicians and investors celebrating an historic peace accord 1,300 miles away in Havana.

Recruited by the National Liberation Army, or ELN, in 2012 to trade cocaine and collect taxes at a gold mine, Builes said the prospect of a permanent cease-fire with the larger Revolutionary Armed Forces of Colombia, or FARC, is swelling ELN ranks with former FARC guerrillas.

That migration, and an up-tick in collaboration between the two groups, indicate Colombia’s illegal gold and drug businesses will change masters, rather than disappear.