Video News: UK gives fracking the green light

Published: Monday, 04 August 2014

UK Minister gives go-ahead to frack in the UK; Uralkali considers to increase potash prices in China; Taishan Gypsum banned from selling drywalls in the US; US court halts NYCO's wollastonite expansion plan.

On this week’s IMTV, UK ministers have given the go-ahead for a big expansion in fracking across Britain, which was welcomed by mining industries and oil companies such as Cuadrilla Resources, but faced criticism from the Green party and environmental groups.

Cuadrilla, which is the only company currently fracking in the UK, said it will be reviewing whether to apply for more exploration licences besides its projects in Lancashire and West Sussex.

Russia’s Uralkali said it might raise the price of potash sold to China by 10% next year, as it attempts to regain some of the pricing power lost in 2013, following its exit from the joint venture Belarusian Potash Co. If implemented, the increase could lift up prices in the global potash industry.

Chinese gypsum producer, Taishan Gypsum Co. was banned from doing business in the US by the Court of the Eastern District of Louisiana, following the refusal of the company to appear in a trial against its defective drywalls, which were marketed in the US between 2005 and 2008.

And finally, the Albany County Supreme Court of Justice in the New York State has halted NYCO Minerals’ plan to expand its wollastonite resources in the protected Adirondack Park, after protests from local environmental groups, despite an approval of the plan granted by two successive legislatures.