Frik Els , Editor

Shares of giant Russian steel and coking coal producer Mechel OAO fell over 4% in midday trade in New York on Wednesday on news it has halted operations at its Sibirginskaya mine due to high gas levels in a mined-out area. Mining works at the site were halted and all miners returned to the surface.

Shares in Vancouver-based Great Panther Silver on Wednesday continued to soar after the company reported record revenues and profits a day earlier. Shortly before the close the company which owns 100% of two silver mines in Mexico was up 8.5% in a broadly weaker market and on a tough day for other silver counters. Tuesday's results showed net income up $6m to $7m for the first quarter and a 95% increase in revenues to $15.5m. The company listed in February this year and raised $24.2m in April in a closed equity offering. A day before the results announcement investor site Motley Fool said the counter was "poised to pop."

Buying in China and India, central banks increasing reserves and particularly dwindling gold production could potentially drive the gold price to US$5,000/oz says a new report by investment bank Standard Chartered. The report, which studied 375 mines around the world, also shows that while exploration budgets have steadily risen since 2002 (with the exception of 2009) in response to rising prices, the rate of new gold discoveries have continued to decline.

According to the latest BP Statistical Review of World Energy coal consumption grew by 7.6% in 2010, the fastest global growth since 2003. Coal now accounts for 29.6% of global energy consumption, up from 25.6% 10 years ago and the highest since 1970. Chinese consumption grew by over 10% and China last year consumed nearly half of the world’s coal. In contrast just 1.8% of global energy consumption comes from renewable sources such as hydroelectricity, biofuels, wind and nuclear power stations. The comparative figure a decade ago was 0.6%.

Diversified Australian miner Astra Mining announced on Wednesday plans to list on the Frankfurt Stock Exchange before the end of August after two days earlier inking a deal to enter the Nigerian market and further expand its global presence. Deal-hungry Astra Mining’s global portfolio includes gold and tin interests in south east Asia and southern India, coal mines in Australia, iron ore in India, manganese in Africa and the commercialisation of a new high-strength steel technology from a base in Hungary.

Rare Element Resources stock jumped 9% in after hours trade in New York after a new estimate for the amount of rare earth materials at its Bear Lodge project in Wyoming showed a 20% jump. The gains were on top of a 7% jump during regular hours for the volatile stock which is still trading down almost 40% from record highs hit in January. The company also sees significant potential for further expansion of all deposits.

More than 400 workers at Melbourne-based BHP Billiton coking coalmines began strikes on Tuesday for the first time in a decade, disrupting production from the world’s largest exporter and adding to the woes of an industry already hard hit by summer floods. Analysts believe the industrial action, added to the 15% cut in annual production caused by monsoon rains and a cyclone, will support rampant prices for steel-making coal which hit an all-time high in April of $330 per tonne.

WPG Resources announced on Tuesday it has reached a major milestone for the development of its flagship Peculiar Knob (pictured) iron ore mine south east of Coober Pedy in South Australia, after receiving government approval. WPG also said that the company expects that the Mining and Rehabilitation Program for Peculiar Knob will be approved during July. Forecast production at 3.3 million tonnes annually destined for the Asian market is set to commence in late 2011, with sales in the June quarter 2012. Shares in the company jumped 3% amid a flat broader Australian market.

Perth-based iron ore junior FerrAus is set to accept Hong Kong limousine and investment company Wah Nam International's $170m takeover offer after the HK company gained a controlling stake in another miner in the region Brockman Resources. ASX-listed FerrAus said last month it will consider reversing its rejection of Wah Nam's bid because of the logic of developing FerrAus and Brockman neighbouring deposits together. Ferraus stock added over 5% on Tuesday, while Brockman had lost more than 12% at the close of the Australian bourse.

Shell, as operator of the Athabasca Oil Sands Project announced on Monday that in just six years the project has spent over $1 billion working with over 70 Aboriginal contractors. Shell Canada Energy is 60% owner and operator of the Athabasca Oil Sands Project along with Chevron Canada (20%) and Marathon Oil Corporation (20%). The AOSP includes the Muskeg River Mine, Jackpine Mine and Scotford Upgrader.