Frik Els , Editor

MarketWatch reports gold futures closed higher Monday, coming to within striking distance of the $1,800 an ounce level, as ongoing concerns over the euro-zone debt crisis and reports that Germany rejected calls to use its gold reserves to help shore up the region’s rescue fund helped boost prices. Gold for December delivery rose more than 2% earlier in the day to trade at $1,794, a six week high. Bullion is now up almost $200/oz from lows hit at the end of September when it briefly changed hands for less than $1,600/oz.

Business Spectator reports Rio Tinto's Tom Albanese and BHP Billiton's Marius Kloppers find themselves caught up in a tough US political battle as partners on the Resolution Copper venture in Arizona. At the end of last month the Republican-controlled Congress approved a bill to make possible a land exchange clearing the way for what would be North America’s largest copper mine. But the world's two biggest mining groups now await approval in the Senate, a much tougher task. For BHP a go-ahead on Resolution Copper would mean it will at last have something to show for a disastrous acquisition it made more than 15 years ago.

Just a few weeks ago analysts thought the jobs – 20,000 during the building phase alone – and economic benefits would easily outweigh environmental concerns and push the Obama administration to approve Keystone XL. But now, after a summer of protests culminating in Sunday's 10,000 strong White House encirclement and on top of Nebraska's vow to force a rerouting, the US State Department’s inspector general on Monday ordered a "special review" of the Obama administration’s handling of Keystone XL following complaints from members of Congress that the process has been tainted by conflicts of interest.

The CourierMail reports fly-in, fly-out "working girls" travelling from as far away as New Zealand to the remote mining regions of Queensland and Western Australia are making as much as $2,000 a day from mine labourers who have lots of cash but are deprived of female company for weeks on end. Fifo prostitution is just the latest concern for rural communities in the country's mineral-rich states who are becoming increasingly unhappy about mining firms like BHP that set up self-contained mining towns cut off from locals or let miners fly in and out without ever investing in existing communities.

ComputerWorld reports Anglo American has said optimising its procurement, asset management, knowledge systems and shared services will be vital in making the most from its $5.1 billion takeover of De Beers, announced on Friday.

The cash at the world's top six mining companies is estimated to top out at $144 billion by end 2013 and M&A activity this year is already up 67% over 2010. The gold sector has been leading the frenzy and the stock market is where they will be looking to find additional ounces.

Top management and eight shareholders who control 73.9% of the outstanding shares of TSX-Venture listed Sino Vanadium on Friday announced that they are taking the tiny firm private. The company first listed in June 2009. The share tripled on Friday to 21c and 108,200 shares changed hands compared to the usual 1,000. The company is offering 27c to shareholders who turn in their shares over the next month, so some investors appear to be cashing in early. Sino Vanadium owns 100% of a project in China's Shaanxi Province in the feasibility stage which it says could produce 14% of world vanadium supply.

South Africa's mineral resources minister Susan Shabangu is on a road show in Australia and the UK to quell fears of mine seizures and drum up new investment for the country. So far few are suspending their disbelief over nationalization.

BusinessDay reports De Beers has no intention of reducing its interests in South Africa and will up planned investment in its new Venetia underground mine by more than $600 million to $1.9 billion. The Venetia expansion comes after the company this week signed a new $2 billion multi-currency credit facility and the sale of its disused SA mines. De Beers Consolidated Mines delisted from the Johannesburg Stock Exchange in May of 2001 after more than a hundred years on the South Africa bourse when the Oppenheimer family took the firm private.

Gem Diamonds' Letšeng mine continued to polish its reputation as the world's richest source of large diamonds, the London-listed company reported in a management statement covering July to October. 15 diamonds were found that were sold for more than $1 million and 50 roughs fetched prices greater than $20,000/ct;  one fancy pink went for $156,000 /ct.  Letšeng also recovered 171 diamonds greater than 10.8 ct in size. Excluding the 550ct Letšeng Star sold for $16.5 million last month, the mine averages sales of $2,425/ct. No wonder then that the board will meet this month on a feasibility study expanding capacity 75%.