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European Union envoys agreed on Friday a six-month rollover of the bloc's economic sanctions on Russia, diplomats said, extending the measures on energy, banking and defence sectors until the end of July 2016, Reuters reports.

Even with the price of oil touching historic lows and even as energy costs comprise a huge part of the operational costs, the mining industry are still looking at procuring and establishing alternative forms of energy like solar or wind energy. Markets expect the oil prices to remain low for the next two years and then go up but the average life of a mine is 25 to 30 years. Hence the low oil price can only affect the mines in the short term.

Dr Maurice Chagnaud will be appointed as the new Chief Executive Officer of Polpharma, the largest Polish pharmaceutical group. Dr Chagnaud, who has over twenty years' experience in top management positions in the European pharmaceutical industry, is expected to further accelerate the development of Polpharma to become a regional leader in CEE, CIS and Central Asia.