Frik Els , Editor

Tom Albanese says "assumptions that the floor price would not go much below $120 a tonne might be valid next year but not long beyond that."

Forbes reports billionaire investor George Soros is placing a very particular bet on gold by buying $40 to $50 million in shares of a Chinese jeweler ahead of its $2.8 billion IPO. Founded in 1929 Chow Tai Fook is bigger than Tiffany's and is named after founder Chow Chi Yuen and “Tai Fook” means fortune, prosperity and luck in Chinese.

Lonmin joined AngloPlat and Implats, this week signing a far-reaching two year wage pact ensuring a steady supply from Southern Africa where 75% of platinum is produced. The price of platinum has crashed from $1,915/oz in August as PGMs come under pressure due to sagging demand from the automobile sector which is slashing use of the precious metals to cut costs. And miners reducing supply to up prices is unlikely say analysts.

Latin American blogs reported on Sunday exit roads from the regional capital remained blocked and anger was mounting over Newmont Mining's proposed $4.8 billion Conga gold mine in northern Peru as protests entered its fourth day. Schools and business had closed and police used teargas against marchers since protests began Thursday. Residents led by the Maoist president of the Cajamarca region say Conga will destroy the environment by transforming four high Andean lakes into reservoirs for mining operations and on Saturday formed the 'Front for the Defence of the Interests of Cajamarca'. Conga would be the biggest investment ever in Peru mining and is a crucial test for newly installed president Ollanta Humala who has on many occasions publicly backed the project.

WawaTay News reports Kitchenuhmaykoosib Inninuwug (KI) First Nation – a community of 1,200, 600km north of Thunder Bay, Ontario – is preparing for what may be a confrontational winter after talks on traditional land use with the Ontario government broke down last week. KI walked away from negotiations after Ontario said they were unable to stop God’s Lake Resources, a junior gold mining company, from exploring in the area while the panel meets. The land under dispute at Sherman Lake was the site of a gold mine active from 1938 to 1941. KI claims there are numerous burial sites in the area. KI was involved in a similar dispute with a platinum miner a few years ago.

Latin American Herald Tribune reports Venezuela's first shipment of 160 – 180 tonnes of gold held abroad was received at Maiquetia International Airport outside Caracas on Friday night. In operation that also involved tanks and aircraft, the first of some 15,000 standard 400-ounce bars wrapped in black plastic inside a caravan of armoured vehicles escorted by 500 soldiers then made its way to the bank’s headquarters downtown. President Hugo Chavez announced in August that the South American country plans to repatriate its gold reserves held by banks in England, the US, Canada and France. The Central Bank of Venezuela already holds 154 tons of bullion domestically.

US-based Level 3 Communications, a global optic fibre network operator, this week announced that it has completed the sale of its entire coal mining business for an undisclosed amount to Ambre Energy as part of its long-term strategy to focus on core business operations. Buffett and two other investors galvanized the Colorado-based broadband company when they bought $500 million in convertible debt in July 2002 which was billed as the legendary investor's first foray into technology. Buffet cashed out a year and a half later for a 100% profit. The Oracle of Omaha's next investment was in candy company Cadbury-Schweppes.

“Chinese companies that are looking to invest in Canada do not want to become a Potash-like story themselves. Face and company reputation are important,” Peter Harder, president of the Canada-China Business Council told The Globe & Mail in an interview in Beijing this week as executives gathered for the council’s annual general meeting.

BusinessLive reports that while acid mine drainage from disused gold mines in the Johannesburg area of South Africa is well documented, according to a new study AMD from nearly 6,000 abandoned mines is acidifying rivers and streams, raising metals levels and killing fish. The study by World Wide Fund for Nature SA and the Council for Scientific and Industrial Research showed that South Africa’s heavy dependence on coal for electricity had a “devastating” effect on the country’s water resources, particularly in light of the fact that only 12% of the country’s land area generated 50% of the country’s river flow. The most affected river was the Olifants which flows through the Kruger National Park in a region of the country where coal mining dates back to the 1890s.

Reuters reports schools and businesses were closed and Peruvian police fired tear gas on Friday to break up a protest at Newmont Mining and Buenaventura's proposed $4.8 billion Conga gold mine as the government tried to mediate a bitter environmental dispute over the project. Residents in the northern city of Cajamarca which has more than 200,000 residents (pictured), led by the president of the region,  say a new mine – adjacent to South America’s largest gold mine Yanacocha – will harm agriculture and livestock by relocating water supplies.  Conga would be the biggest investment ever in Peru mining.