Europe Top Stories

Main opponent of Newmont’s gold project in Peru in prison

Cajamarca region governor Gregorio Santos was ordered to jail for…

Brazil revokes Canadian Belo Sun’s license to gold mine in Amazon

Ruling says the miner failed to assess the impact on…

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Alec Baldwin is no fan of nuclear power

Actor and possible New York mayoralty candidate is no fan of nuclear power. In an interview with the Huffington Post on Friday, he said nuclear power is a dirty source of fuel. "Nuclear reators are filthy, contaminating processes. The biggest problem in the anti-nuclear movement is the big lie, the constant metronomic assertion of the nuclear industry that it is 'clean power'," says Baldwin in the interview. New York state, where Baldwin lives, has six nuclear power plants which provide 30% of the state's electricity needs.

Big pay day for shortseller as investors jump Silvercorp ship

Silvercorp Metals was forced on Friday to react to an anonymous letter also sent to the Ontario Securities Commission, presumably from a shorter of the company's stock that alleges a “potential $1.3 billion accounting fraud” at the company. The firm with projects in China and Canada closed down just shy of 10% after five times the usual number of shares changed hands. It had lost as much as 14% of its value earlier in the day after the company also said someone had built up a short position of some 23 million shares over the last two months. The Vancouver company has 175 million shares outstanding and is worth $1.3 billion. Silvercorp is the latest in a string of Canadian companies with Chinese backing and operations being accused of fraud.

Gold surges after dismal jobs data – new all time high in sight

Gold for December delivery rose $50.10, or 2.7%, to $1,879.30 an ounce in midday trade in New York — within striking distance of the metal's $1,891.90 settlement record set a week and a half ago. The jump comes after data showed the US added no jobs in August sparking renewed fears that the world's biggest economy is heading back into recession. Gold benefited because the weak numbers could lead to new policy-easing initiatives by the US Federal Reserve – a previous round of stimulus injected $600 billion into markets. Not even talk of gold sales by European central banks to ease their massive debt burden could dampen the enthusiasm for bullion. Between them Portugal, Ireland, Italy, Greece and Spain hold some 3,233 tonnes of gold, worth around €130bn.

Force majeure lifted at Escondida

Reuters reports that force majeure was lifted at Escondida on Friday at Escondida, the world's largest copper mine. The Chilean mine, whose majority owner is BHP Billiton, was under force majeure on July 27 after a union strike. Force majeure is a clause in legal contracts that frees a party from meeting its obligations due to events beyond its control, such as strike or civil unrest or extreme weather.

Mineral association asks Quebec government for clearer rules

The Quebec Mineral Exploration Association asked the Quebec government for rules that will simplify mineral development and exploration. A mining bill, which the association has criticized, is working its way through the provincial legislature. The association says that sections of the bill could lead to industry losses of $1 billion in mineral exploration investments. The association is mainly concerned with some jurisdiction for mining and exploration remaining at the local level. Instead, the association would like to see clear rules across the province for assessing development.

Miners pumping $82 billion into Australian economy – 70% more than last year

Beating already rosy expectations new Australian Bureau of Statistics figures show mining companies intend to invest $82.1 billion this financial year on new and expansion projects, representing 55% of total capital expenditure in the country's economy. The spending spree by the resources sector – mostly in Western Australia and Queensland – represents a whopping 70% increase over last year. Mining firms spent 14.4% more last quarter, led by a 22% jump in plant and machinery purchases, and projections show further increases in the future. The positive capex news, accompanied by robust retail spending numbers saw the Australian dollar rise above 107 US cents.

Last-ditch attempt to block start of only US nickel mine

The Columbus Republic reports opponents of a planned nickel and copper mine in Michigan's Upper Peninsula are asking a judge to put a state-issued permit for the project on hold ahead of initial blasting expected later this month. Four organizations have asked a judge to issue a stay while considering an appeal of the Department of Environmental Quality's 2007 decision to grant Kennecott Eagle Minerals, a subsidiary of Rio Tinto, a permit. Kennecott Eagle is targeting an underground ore deposit that would be the only US mine where nickel is the primary mineral generated instead of a byproduct. The mine could yield up to 300 million pounds of nickel and about 200 million pounds of copper.

Speculators have a field day kicking around Sunridge Gold

Shares of Sunridge Gold rose a brisk 7% in Thursday morning trade after the junior explorer gave an update on drilling at its zinc-gold-copper deposit in the Horn of Africa only to end the day down 2.8%. Near triple the usual number of shares changed hands on the Toronto venture exchange. Investors in the the Vancouver-based company, which apart from its flagship Asmara project in Eritrea also has assets in another paragon of political instability, Madagascar, have enjoyed a wild ride over the more than ten years the company has been listed – an unlucky few snapped up shares in the company at $6.40 in 2003 and those who saw value in the company at $1.30 at the start of 2011 would have lost almost half that investment.