The Street reported that gold prices increased and silver was flat following a poor report on US jobs. The market news is quoted as saying: Before the jobs number, the metals had been in wait and see mode. After a powerful three day rally, gold and silver prices are up 3.2% and 8%, respectively, and some investors were taking profits.
Gold futures tacked on $11 an ounce Friday as weak U.S. employment data for June sent investors scurrying for an alternative to stocks and other risky assets, helping gold prices score a weekly gain of 4%.
* Bullish on oil, especially H2 2011 - Morgan Stanley * U.S. crude, product stocks fell last week - API * Coming up: EIA oil stocks data, 11 a.m. EDT Thursday NEW YORK, July 7 (Reuters) - U.S. crude futures fell on Thursday ahead of a government report
The Greens' push to shut down the coal industry could severely undermine the nation's economy and sacrifice 200,000 jobs, new economic modelling warns. As the party takes to Federal Parliament today with unprecedented numbers and wielding the balance of power in the Senate, fresh research finds that leader Bob Brown's policy to phase out coal mining would slash GDP by up to $36 billion a year.
In response to the recent law passed by the Mongolian government limiting the number of foreign workers used in Mongolian mining projects, mining companies have begun training Mongolians for driving positions at local mines, UB Post reports.
41 companies of Umnugobi, Dornogobi provinces took part in research that studied the number of workers needed and salary proposals. These companies employ 1,189 Mongolian and 1,500 Chinese drivers at the moment. However, they reported that with the new law they will need 1500 additional Mongolian drivers. Employers pay 800,000MNT as a salary with potential for employees to earn bonuses.
A report released this week suggests that US federal regulation of coal combustion residuals, or coal ash, currently being considered by the Environmental Protection Agency would result in as many as 316,000 lost jobs and as much as $110bn in lost economic activity over a 20-year period. Power-generating coal is coming under fire from many quarters including Australia where a proposed carbon tax in 2012 could see coal mining profits fall and lead to thousands of job losses. This despite a new report showing that worldwide coal consumption is at its highest relative to other sources in 40 years.
When the Canadian Energy Research Institute (CERI) released its sixth-annual oilsands update in May, it highlighted the bright investment future of the industry.
As a coal industry study points to up to 14,000 jobs at risk, Prime Minister Julia Gillard says a carbon price will […]
The Australian: Australia is facing a critical skills shortage in mining and other industries, and India seemed like the perfect place to get skilled labour. However with new projects opening in India, the question is arising as to whether India can spare that labour.
The Australian government this month announced it would fast-track 457 temporary migrant visas for mining companies seeking foreign recruits for positions they can't fill from the domestic labour pool. Austrade is championing the idea of Australian vocational training courses in Indian workplaces and institutions, and eventually an India-based Australian mining and engineering college, with the capacity to train as many as 100,000 Indian workers annually.
The investment will allow ArcelorMittal Mines Canada to increase its annual production of iron ore concentrate from 14 million tons to 24 million tons by 2013. AMMC is also evaluating increasing its production of iron ore pellets from 9.2 million tons to 18.5 million tons. The scheme represents a total investment of CAN$2.1 billion dollars that will create 8,000 jobs during construction and more than 900 permanent jobs once completed. Commenting, Peter Kukielski, Member of the Group Management Board and Head of Mining for ArcelorMittal, said “ArcelorMittal Mines Canada is a flagship mining asset for the Group, which offers considerable opportunity for expansion. We have already announced our intention to grow our iron ore production to 100 million tons by 2015 and this expansion forms an important part of that.”
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