Cecilia Jamasmie , Senior Editor

The Peruvian government has thrown in the towel on Newmont Mining's (NYSE:NEM) controversial Conga mine as the nation's prime minister announced Monday evening the $4.8 billion copper-gold project is now on the back burner.

The boom in Zimbabwe ‘s diamond industry has not translated into improved living standards for ordinary citizens, as proceeds from gems’ sales benefit a few politically connected individuals and finance undercover security operations, AllAfrica.com reports.

ermitting delays are hindering United States’ economic growth, says The National Mining Association (NMA), which estimates the nations sits on nearly $6.2 trillion worth of key undeveloped mineral resources, such as gold and copper.

Inter-Citic Minerals Inc. (TSX:ICI) stocks soared over a third Monday after the company revealed it was being acquired by a subsidiary of China-based Western Mining Group, in a deal that values the Canadian gold miner at $252 (Cd$250) million.

Australian electrician turned mining magnate Nathan Tinkler is reportedly losing $4.2 million a day on his stake in Whitehaven Coal (ASX:WHC), the country’s largest independent coal producer by market value.

Higher than usual mercury levels discovered in water sources in Western Australia by Griffin Coal are prompting calls for an immediate Government investigation.

Brazil’s new regulations on gold mining in the Amazonas State that limit, but don’t outlaw the use of mercury, has scientists and activists up in arms.

After a 32-year hiatus, the U.S. Republicans are calling for a commission to look at the possible return of the gold standard, but experts say the idea is as simple as it is wrong.

India’s Prime Minister Manmohan Singh said Monday the government has already initiated the process of cancelling mines to companies that failed to develop them.

BHP Billiton (LON/ASX/NYSE:BHP) took Monday another step away from resource expansion in Australia, particularly in the uranium sector. The world's number one miner announced it's selling one of the country's largest undeveloped deposits of the yellow element to Canadian Cameco (TSX:CCO) (NYSE:CCJ) for $430 million.