Luxembourg shoots for the stars, invests $28 million in Planetary Resources

Rural communities in Queensland Australia are more than a little unhappy about state politicians and government agencies allowing mining firms like BHP to set up self-contained separate mining towns cut off from local communities or simply letting miners fly in and out without ever becoming part of local life.

Cliffs Natural Resources vaulted to a record third quarter from a springboard of high iron ore prices combined with higher sales from its Bloom Lake operation, the company announced today. Cliffs posted a 59% increase in revenues from the same period last year, bringing in $2.1 billion. The company more than doubled (+110%) its net income in Q3 to $820 million, despite taking a $17.5 million net loss from the idling of its renewaFUEL biomass production facility in Michigan. Despite the sunny financial picture, Cliffs indicated that clouds are looming on the horizon in the markets for its principal commodities, iron ore and coal. Image of Cliffs Northshore Mine, Copyright © 2011 Cliffs Natural Resources Inc.

Teck Resources (TSE:TCK.B) posted strong third-quarter earnings and rewarded shareholders with a 33% dividend increase. However, the Vancouver-based diversified mining company also lowered its 2011 guidance for copper and coking coal, its principle export commodities. Coal sales volume was lowered to 22.2 to 23 million tonnes (from 23.5 to 24.5 million) due to weakening steel markets. Teck blamed problems at its Quebrada Blanca operation in Chile for lower than expected copper volumes; 2011 copper sales guidance was lowered to 320,000 tonnes from 330,000 to 340,000t. The company had a record quarter, increasing its third-quarter revenues to $3.4 billion from the same period in 2010 — a 40% increase. Adjusted earnings were $742 million compared to $452 million in Q3 of last year.

A coal mine project in Alaska that could have negative impacts on salmon spawning will be allowed to push ahead. Alaska Dispatch reports that the state government has denied a petition to declare land within a drainage system in the Upper Cook Inlet unsuitable for coal mining: The petition sought to block in particular a strip mine project planned on Alaska Mental Health Lands Trust land by Delaware-based PacRim Coal LP, whose plan calls for the destruction of 11 miles of a tributary which Alaska Fish and Game has deemed significant habitat for spawning Cook Inlet salmon.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 26, 2011) - Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) announced today that it will pay an eligible dividend of $0.40 per share on its outstanding Class A common shares and Class B subordinate voting shares on January 3, 2012, to shareholders of record at the close of business on December 15, 2011. This represents a 33 percent increase from the previous dividend.

Canada's number one coal producer and world-leading nickel miner, Sherritt jumped 10.2% on Wednesday after reporting a doubling of quarterly net earnings and good progress at its massive Ambatovy project in Madagascar. Sherritt will start production at Ambatovy in the first quarter of next year. The company has already spent more than 90% of the planned $5.5 billion to build what will be the world's biggest nickel mine with the capacity to produce 60,000 tonnes of nickel and 5,600 of cobalt a year. Sherritt and its Asian partners have made the largest investment in the island's history and will make nickel the country's number one export for the next 27 years.

In the last decade spending on exploration in British Columbia has increased 20 fold. It was another bright spot for British Columbia's mining sector, as covered in PricewaterhouseCoopers' industry survey. "The estimated total economic output, value added GDP employment generated from exploration and development activities are $352 million, $168 million and 3,017 jobs respectively," wrote the survey authors.

Legislation introduced in the Queensland state parliament could have a negative impact on mining. The bill, the first of its kind to be introduced in Australia, bans mines that would make land unusable for farming, the Courier-Mail reported Wednesday: "The resources sector is growing in Queensland, but our government's commitment is to sustainable growth supporting mining in the right places, while ensuring best agriculture land is protected for future generations," (Environment Minister Rachel) Nolan said in a statement.

According to a new report from PricewaterhouseCoopers LLP (PwC), direct mining expenditures in British Columbia mining crested $5.2 billion in 2010. An additional $3.7 billion was spent in secondary and support industries and services resulting in a total of $8.9 billion of economic activity across British Columbia. The Economic Impact Analysis report commissioned by the Mining Association of British Columbia (MABC) and compiled by PwC measures direct, indirect and induced economic impacts of mining in terms of output, Gross Domestic Product, employment and government tax revenues.