Freeport Indonesia boss steps down

After a reasonably long period of sustained and occasionally dramatic escalations, commodity markets in general, and precious metals markets in particular, have declined. This is normal and healthy behavior, even if it is uncomfortable for some market participants.

Patriot Coal has closed another mine, bringing to four the number of its coal operations shut this year due to continuing weakness in market demand. The St. Louis-based company is idling the Freedom underground mine in Kentucky, giving 60 days notice to its employees.

A South Korean conglomerate has cited global economic uncertain as a key reason for pulling out of a US$324 million deal with Australia-based Cockatoo Coal.

A past-producing colliery in one of North America's oldest coal mining belts is on its way to resuming production, says a story today in Halifax Media Co-op.

The favourite in Monday's Alberta election, Danielle Smith and her Wildrose party, plans to push the province's oil and gas advantage if elected.

While the ranks of gold doomsayers have been growing over fading hopes for QE3, investors outside of the bullion market seem to be pricing in another round of easing.

In July 1944, delegates from 44 nations met at Bretton Woods, New Hampshire - the United Nations Monetary and Financial Conference - and agreed to “peg” their currencies to the U.S. dollar, the only currency strong enough to meet the rising demands for international currency transactions.

Areva's Kiggavik mine in Nunavut, northern Canada, could be open as early as 2017, CBC News is reporting.

After steady gains throughout the morning Cameco Corp. was trading up 6% by lunchtime on Friday, after reports yesterday that its Kazakh join venture is planning to up output by a third. Gains for the year now top 20%.