God of war

Toronto-based Inmet Mining is mothballing its Cerattepe copper project, in Turkey, after an appeal to overturn an injunction against the project was rejected, the firm said on Tuesday.

The injunction to halt work on the project was granted last month after two nongovernmental organisations applied to the court to cancel the project’s operating licence, based on claims that government authorities inappropriately exempted the project from environmental assessment regulations when issuing the licence.

Inmet was continuing to work with the Turkish Ministry of Energy and Natural Resources to defend the project, but would not be able to continue development at the Cerattepe property until the end of the year, when it expected a decision on the case brought against the project’s licence.

As a result, the company no longer expects to start production at the mine next year, as previously planned and the company’s “ability to progress the Cerattepe project remains subject to legal uncertainty”, Inmet said in a statement.

Its local subsidiary, Artvin Bakir Maden Isletmeleri (ABMI), was winding down development activities on the property, and would keep the project on care-and-maintenance until the legal proceedings were resolved.

The Ministry was the main defendant in the case brought by the NGOs, but ABMI was named as a codefendant.

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TORONTO (http://www.cementprocesscrusher.com) – Massey Energy will now only send teams back into the Upper Big Branch mine, in West Virginia, next week, the company said on Thursday evening.

The company said earlier in the day that teams from Massey Energy and federal and state officials, re-entering the Upper Big Branch mine on Wednesday for the first time since rescue efforts after an explosion killed 29 people, did not encounter any water build-up underground that would hinder the investigation into the blast.

The teams emerged from the North Portal at around 18:00 on Wednesday, after completing an initial examination, during which the teams re-established communications between the two mine portals.

The company initially said that teams planned to re-enter the mine on Friday to travel to the longwall, conditions permitting, after borehole drilling scheduled for Thursday.

However, „due to delays associated with borehole drilling, the investigator teams are tentatively postponing their re-entry into the Upper Big Branch mine until the week of June 7, 2010,“ Massey said.

„Once borehole activities have progressed, methane readings are at more secure levels and the overall safety of mine investigators is ensured, the teams will implement their re-entry plan.“

The teams were initially withdrawn after their first entry on Wednesday, to confirm the safety of air conditions, but were able to re-enter and finish their initial exploratory mission.

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The gold price was expected to gain strength after its significant sell-off since July, and could reach up to $900/oz, and perhaps over $950/oz in the next few months, said precious metals consultancy GFMS on Wednesday.

GFMS believed that the recent dollar recovery was an “ill-founded temporary phenomenon”, and cited rising US unemployment, possible slips in confidence in the US government’s creditworthiness, and the realisation that there might be little to no narrowing of the US:Eurozone interest rate spread in this year, as the drivers that could undermine the dollar.

It was, however, felt that the mid-March record high of $1 011,25 was unlikely to be beaten this year. The gold price stood at around $830/oz on Wednesday.

“There was an element of ‘the perfect storm’ to the first quarter. stone crusher machinery for sale hyderabad Not only did we see the slashing of US interest rates but there was also the surge in oil prices, falling equity markets and massive write-offs by the banks – not forgetting Bear Stearns’ collapse either. And it’s difficult to see all that coming together in quite the same way in the next few months,” added GFMS researcher Philip Klapwijk.

Other factors considered important to the pick-up in investor interest included the general rise in commodity prices; the broadening of the investor base; inflation concerns and the perception of a likely loosening of many countries’ monetary policies.

Thus, GFMS said the periodic liquidations seen after the March high were attributable, not just to the end to dollar weakness and its subsequent recovery, but also to a need to remove some ‘froth’ from an overbought market, the retreat in the oil price and signs that the US economy might not be the first or most likely to suffer from a full-blown recession.

“We’re expecting Central Bank selling to fall yet further in the second half. That should not only provide direct support, but also reassure longer-term investors. stone crusher machine manufacturer in gujarat Don’t forget, it’s largely just the short-term players that have bailed out to-date,” said Klapwijk of investor activity that could be the prime determinant of price behaviour.

The heavy fall in central bank selling in the first half, for example, was seen as another supportive factor and one helping to explain why the price did not continue falling after the initial bout of investor selling, the GFMS stated.

It added that supply, in general, was supportive, and scrap, while growing, did not get close to the record set in the first half of 2006, as people delayed selling in the expectation of higher prices. For a noticeable pick-up in scrap to take place, prices sustained at over $950/oz, or even $1 000/oz would have to be realised.