SRK Group Celebrates 40th Anniversary

A Vancouver-based company is behind Mongolia’s first shipment of coal to the Republic of Buryatia in the Russian Federation. On Wednesday, Prophecy Coal (TSX-V:PCY) said it had shipped 650 tonnes, or 10 wagons worth, of coal from the company’s Ulaan Ovoo mine in Mongolia to an energy company in southeastern Russia.

Reuters quotes the chief executive of Russian potash producer Uralkali telling an investment conference in Moscow on Tuesday that spot potash prices could reach $600 per tonne by the end of the year. Uralkali also said it was considering entering into a transaction with Belaruskali, contradicting a Belarus deputy prime minister who earlier said the $20bn state-owned company was not for sale. A Belaruskali-Uralkali merger would create a group with annual production of 21m tonnes, dwarfing current number one Canada’s Potash Corp.

Tata Steel Ltd will use the $1.12 billion ('5,030 crore) it earned from the sale of its 26.3% stake in Australia's Riversdale Mining Ltd to fund the expansion of its steel-making capacity in Jamshedpur and Kalinganagar, as well as mining operations and capital expenditure in its European operations.

Australian stocks are set to open higher on Tuesday, following a firm finish on Wall Street, on growing optimism that Greece will avoid a debt default. Stock index futures rose 1.1 percent to 4,491.0, a 29.2-point premium to the underlying S&P/ASX 200 index . The benchmark fell 1 percent on Monday.

Nasdaq reports farmers want so much fertilizer to meet demand for agricultural products that potash producers are raising their prices on an almost constant basis now. Back in January 2010, German potash producer K+S was charging 285 euros – roughly $407 – per ton of potash. As of now, bulk clients are buying potash at 363 euros or $520 per ton, a 27% net increase over the last 18 months.

The World Diamond Council has expressed its regret about the inconclusive end to the Kimberley Process Intersessional Meeting in Kinshasa last week. The main goal of the meeting was to finally resolve the issue of diamond exports from Zimbabwe. This did not happen.

The World Gold Council (WGC) produced a draft framework of standards designed to combat gold that enables, fuels or finances armed conflict. The standards, which were compiled together with the WDC’s member companies and leading gold refiners are designed to enable miners to produce a stream of newly-mined gold that is certified as “conflict free” on a global basis. Image of Ethiopian soldier is from Wikipedia.

In less than a year from now Chelopech aims to break the mould in continuous improvement of underground mining bringing world-leading underground operating practice to Bulgaria. John Chadwick will report in detail in the magazine about the attention to detail, reliable and innovative communications, some of the latest trackless mining technology, commitment and passion that are all coming together at the Chelopech copper-gold mine in Bulgaria (IM, October 2006). Read more

The Financial Times reports Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and a run on the banks. Pledges by socialist prime minister George Papandreou that his government would “save the country” have been widely discounted by the public.