Anglo American ok to extend debated coal mine in Australia

Polish stocks are on a tear this week after a top court made a mining-friendly tax ruling. Bloomberg reports that Polish stocks climbed for a second day, with the benchmark index heading for the biggest advance in a week, as coal and copper producers jumped after the Constitutional Tribunal ruling on mining taxes: "The court ruled that mining excavations should not be considered as construction works and should be free of real-estate taxes."

The British Geological Survey (BGS) on Wednesday published the latest list of the 52 elements, minerals and metals most at risk of supply disruption because global production is concentrated in a few countries, many with unstable governments. Surprisingly rare earths used in green technology and defence do not top the list but comes in at number five. Antimony, extracted mainly from stibnite (pictured), widely used for fireproofing is most at risk. The platinum group metals (auto catalysts) hold the second spot while niobium used in touch screens and scanners and tungsten for cutting tools are also at risk of supply disruption as a result of increased competition among the world's growing economies, political instability, resource nationalism, along with events such as strikes and accidents. China is the number one producer of 50% of the 52 chemicals on the list and produces 75% of the world's antimony.

Hathor Exploration announced early Wednesday that its board unanimously recommends that shareholders reject Cameco's unsolicited offer for the company calling it 'opportunistic' and 'predatory' coming in the wake of the Fukishima disaster in Japan that sent uranium oxide prices to lows of around $50/pound. Hathor opened down slightly on Wednesday trading at $4.15 versus Cameco's offer of $3.75. Yesterday the company said a preliminary economic assessment of its Roughrider uranium deposit showed it would potentially be one of the lowest cost uranium producers in the world at only $14.44/lb U3O8. The junior uranium explorer has gained about 56% since the offer and 121% since the start of the year. In contrast $8 billion industry bellwether Cameco’s stock has almost halved in 2011.

Hanjin Shipping signed a 15-year consecutive voyage contract on Wednesday with Korea Southern Power (Kospo) to provide two capesize vessels for the transportation of soft coal.

Junior explorer Hathor Exploration on Tuesday said a preliminary economic assessment of its Roughrider uranium deposit showed it would potentially be one of the lowest cost uranium producers in the world at only $14.44/lb U3O8. The junior uranium company is the target of a hostile bid from world number one uranium miner Cameco and has gained about 56% since the offer and 121% since the start of the year. Hathor believes its worth more than the offer price and said it will formally respond tomorrow (September 14) and urged shareholders to sit tight.

Strong interest in the Mongolian resource sector has provided shareholders in Hunnu Coal a 800% gain in only 18 months. Thailand's Banpu announced Tuesday it is taking over the ASX-listed junior for $400 million or $1.80/share – Hunnu went public in February 2010 at 20c. Hunnu may be the first of many firms with Mongolian coal assets to attract bidders with Ivanhoe Mines' SouthGobi and TSX-V junior Prophecy Coal talked about as likely targets and a way in for smaller investors who are not be able to participate in Tavan Tolgoi's $3 billion IPO slated for next year.

China plans to dramatically consolidate the number of mines in its country, according to Caterpillar (NYSE:CAT) and a study by MCCM. And China also wants its mines to be a lot more productive. Caterpillar released the results of a study in August. In 2004 China had 25,000 operating mines. By the end of 2013 China wants to get that number down to 4,000 mines. A minimum production of 300,000 tonnes per annum will be required for mine approval.

After the market close on Monday Oilsands Quest announced it is cancelling a $60 million rights offer that only two weeks ago it extended for a second time. The embattled firm's shares spiked higher 22% to 25c, five cents above the offer price, in after-hours dealings following the news. Oilsands Quest said it was working with a third party on a deal that would "change the company's financial position and funding requirements," but has not ruled out a new rights offer. Investors in the AMEX-listed firm have been on a bumpy ride. The stock is down some 70% from its January highs of 64c and gained 63% in a single day after Saskatchewan granted the company 15-year leases, the first in the province. But recent investors can feel smug about the fact that they did not buy into the junior during the frothy 2006 market – the counter hit a peak of $7.76 in March that year.

London copper prices rose 1.3% to $8,869.50 a tonne n Tuesday on reports that China could bolster Italy's flagging economy by buying its bonds. In the previous session, copper – considered a good indicator of economic activity – was dragged to a one-month low after Chile’s Codelco, the world’s largest producer, said some of its clients in the United States and Europe have asked to cancel orders. Italy has asked China to make "significant" purchases of Italian debt, the Financial Times reported on its website on Monday, saying that the chairman of China Investment Corp, headed up a delegation to Rome last week. Meanwhile Greek workers threatened to sabotage a new property tax, a last-ditch effort by the government to please international lenders and the US treasury secretary flies to Poland to meet with EU finance ministers on the Greek crisis.