Frik Els , Editor

AP reports one of the four bronze sculptures that included a Jules Dalou, sculptor of the famous Triomphe de la République in Paris (pictured), stolen from the Johannesburg Art Gallery in South Africa since January, were probably melted down and the copper content sold for a paltry $250. The market for scrap metal has grown dramatically in recent years and China alone imports some 400,000 tonnes of scrap copper per month. So called No. 2 copper scrap, which typically consists of a mixture of wire and tubing, sells for roughly 40 cents below the futures prices, which on Tuesday was $3.40/pound.

London-listed Gem Diamonds announced Tuesday it has sold the world’s 14th largest white diamond discovered at its Letšeng Mine in Lesotho two months ago for $16.5 million in cash. Gem will also share in the profit of any polished diamond cut from the 550 carat Letšeng Star. Letšeng is fast-becoming the richest source of large diamonds in the world and without the occasional large diamond find, the Letšeng pipe would probably be a marginal deposit, but the mine, 30% owned by the King of Lesotho, has also yielded the the 478 carat Light of Letšeng that went for $18.4 million in 2008 and two other big rocks.

Stock boards were buzzing on Tuesday as traders tried to figure out why Western Potash Corp. was soaring 18.2% without any news about the $200 million firm that would drive the share higher. Despite having nothing to go on, speculators had swapped 2.3m shares by 3pm in Toronto, 1.5 times usual volumes. The junior player in Saskatchewan’s potash industry is in the pre-feasability stage of its 940 million tonne Milestone Project, but some doubt if WPX would be able to muster the finances and logistics to go up against the giants operating in the province.

Reuters reports ArcelorMittal has pulled out of its joint $5 billion bid with US giant Peabody Energy for Australian coking coal miner Macarthur, just days after the target's top shareholder accepted the offer and left the Indian steelmaker with a higher than expected cost. Some observers were skeptical when Peabody and Arcelor raised their bid at at time coking coal prices have been falling and according to a new report could pull back to $240/tonne towards the end of next year. Now that it is flying solo Peabody may have to raise cash to fund the transaction. The deal also comes amid the planned introduction of an onerous carbon tax next year and rising labour costs in Australia thanks to the strong Aussie dollar.

In an object lesson on the fickle nature of junior explorer investment, dismayed investors took a huge chunk out of Viper Gold's stock on the Toronto Venture Exchange after trade resumed Monday afternoon. Viper lost 18% of its value to trade at 13c after it reported results for the verification sampling at its Campbell Lake property showed none of the high grade gold values – up to 10 grams a tonne – announced a fortnight ago. The initial grades sent the shares of the tiny Ontario explorer soaring to almost double of what it is worth now. The company said it is investigating the huge discrepancies after weakly anomalous values were found in 5 samples and the remaining 12 were "below detection level." Viper, which is also looking for gold in Peru, hit a high of 47c early this year.

Stock in US coal giant Peabody Energy and India's ArcelorMittal surged on Monday after their joint bidding vehicle secured a 59.85% stake in Australian metallurgical-coal miner Macarthur Coal and raised its offer for the whole of the company to $5.1 billion. The deal comes despite the planned introduction of an onerous carbon tax next year which should put further pressure on Australia's miners already dealing with rising labour costs thanks to the strong Aussie dollar. The takeover is also amid falling coking coal prices which according to a new report is set to pull back to $240/tonne towards the end of next year from historic highs of $330/tonne.

Silvercorp Metals, China’s biggest silver miner, was changing hands for $9.72 in Toronto on heavy volumes shortly after the open Monday, up almost 19% after a report by the forensic accounting arm of KPMG showed no truth to allegations of $1 billion in accounting fraud at the company. Shareholders who held onto their Silvercorp stock during the rollercoaster ride that started on September 2 when the company had to go public with the accusations, believed to be the work of shortsellers that had built up a massive position in the stock, are now able to show a handsome profit for their loyalty. The company is suing two New York-based websites – Chinastockwatch.com and Alfredlittle.com – for spreading false information and is seeking punitive and compensatory damages.

Support for the favourite gold bug conspiracy theory – that a cabal of western central bankers is secretly determined to manipulate the world’s markets by rigging gold prices – has come from an unexpected quarter.

National Geographic News reports that Bellingham has in the past been lauded for becoming one of the few cities in the US to rely solely on solar and hydro-generated electricity, its innovative building efficiency program, and the "buy local" ethos of its bustling farmers' markets. But now the US coal industry has its eye on it.

It is vital for the South African government to step up and take a bigger stake in the mining industry, a top economic advisor told those attending a Mining for Change conference in Johannesburg on Friday. The comments come one week ahead of so-called Economic Freedom Youth Mass Action marches on the Chamber of Mines and stock exchange organized by Julius Malema (pictured), populist leader of the influential youth wing of the ruling African National Congress with the support of the 260,000 member Metalworkers Union. Malema recently told crowds that the nationalization debate within the ANC is a question of how not if, and an August industry-led investigation said the ruling party is closest to seizing mines since the end of white rule in 1994.