Glencore did better as commodity trader than miner in Q3

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.

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.

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.

Boss Power (CVE:BPU), which successfully settled a lawsuit on Thursday with the Province of British Columbia, is now looking at ways to spend […]

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.