Russia overtakes China in gold reserves race to end US dollar dominance

MINEX FORUM | February 28, 2018
img0 Russia is now among the top five gold holders after surpassing China, which reportedly holds 1,843 tons. Over the last 15 years, Moscow and Beijing have been aggressively accumulating gold reserves to cut their dependence on the US dollar. “Interestingly, both Russia and China publicize and promote their accumulations of gold and publicly refer to ...

Rusal quest for value to dent Glencore’s aluminium clout

MINEX FORUM | February 27, 2018
img0  Mining giant Glencore’s deal to buy aluminium from Rusal will be renewed from 2019, but the tonnage is likely to be much lower as the Russian producer taps into growing demand for value-added products, two sources close to the matter said. Unless it sources from additional suppliers, the reduction in volume will weaken the leading position held for years by Swiss-based Glencore in the ...

Abramovich asks UK court to allow him to proceed with 2% Nornickel sale

MINEX FORUM | February 27, 2018
img0 A lawyer for a Cyprus-based company, Crispian, owned by Russian businessman Roman Abramovich and his partners, has asked a London court on Tuesday for permission to proceed with a sale of 2% in mining giant Norilsk Nickel to billionaire Vladimir Potanin. Potanin’s Cyprus-based company, Whiteleave, exercised its right to buy 2% in Nornickel last week, giving Crispian five days to hand over the shares, the lawyer told the Londoncourt. ...

Galician MP denounces tailings pond breach

MINEX FORUM | February 26, 2018
img0 MEP Lídia Senra visits old Touro mine. Photo by Lídia Senra. Member of the European Parliament Lídia Senra filed a complaint before the European Commission denouncing the breach of a tailings pond in the Touro municipality, located in the Galicia autonomous community, northwestern Spain. The tailings pond was part of an old copper/gold mining complex ...

FLSmidth selected to supply a fourth copper concentrator to KAZ Minerals

MINEX FORUM | February 23, 2018
img0 Kazakhstan-based copper company KAZ Minerals has selected FLSmidth as their technology partner for a new 75 000 tpd line at its Aktogay open pit copper mine in the Pavlodar region of Kazakhstan. FLSmidth is to supply the key machines, installation supervision, commissioning, start-up and ramp-up support. According to FLSmidth, the order will support KAZ Minerals ...