Canada’s Erdene Resource sees bright future after striking gold in Mongolia

Bloomberg reports on Thursday that GVK Power & Infrastructure, a builder of airports and utilities controlled by Indian billionaire GV Krishna Reddy, is in talks to borrow as much as $850m to fund the purchase of two Hancock Prospecting coal mines according to people with knowledge of the negotiations. GVK will use the money to pay Hancock $500m for equity in the mines and another $350m as compensation for costs incurred by the Australian company for running them.

Last year's death of 29 miners in one of the worst mining disasters in US history "could have been prevented," a panel concluded Thursday, blasting the owner for lax safety at the Upper Big Branch mine. The report into the West Virginia blast, the deadliest US coal accident since 1970, also found that Massey Energy Co. miners lacked adequate training in safety and called for tougher enforcement powers for US federal and state mine inspectors.

NEW YORK (TheStreet) -- International Coal Group (NYSE:ICO) hit a new 52-week high Thursday as it is currently trading at $14.52, above its previous 52-week high of $14.51 with 6.9 million shares traded as of 1:21 p.m. ET. Average volume has been 13

Commodities trader Glencore's bumper public offering has increased interest in Hong Kong listings from across the mining sector and will prove a welcome boost to the bourse, a senior executive at the exchange said. The world's largest diversified commodities trader is set to make its market debut in London and Hong Kong next week, in what could be a record listing, with Glencore [GLEN.UL] hoping to raise $11 billion.

(RTTNews) - The UK market is trading higher in afternoon trading Thursday, amid some positive earnings news as well as consolidation in commodities prices.

Coal India, the world's largest coal producer, is on a high. The state-run company is set to pick up a 15% stake in a joint venture with US-based coal firm Peabody Energy's $600 million mining project in Australia. The deal size could be upwards of $100 million. Officials privy to the discussion said both the companies were mulling over the exact details and were to form a joint venture company to tackle the Wilkie Creek coal mine, in Queensland, Australia, which is owned by Peabody.

Los Angeles Times published a photo essay on May 14 looking at child labour in the coal mines located in India: "Times South Asia bureau chief Mark Magnier and photojournalist Daniel Berehulak report on the mining situation in the Jaintia Hills district of India, located in the northeastern state of Meghalaya. Perhaps as many as thousands of underage workers as young as 8, lured by the wages, leave school to work in coal mines under perilous conditions."

Franco Nevada reported an adjusted net income of US$21.4 million or 18-cents per share for the first quarter, a 157% increase over the adjusted net income of US$8.3 million or 7-cents per share for the first-quarter 2010. Net income for the first quarter of 2011 was $21.2 million or 18-cents per share, which included a $5.6 million gain, $6.5 million in forex losses and $1.7 million in losses recorded from the equity accounting of Franco's investment in Gold Wheaton prior to the acquisition, which closed on March 14, 201

U.S. number three coal producer and supplier of some 4% of the country’s electricity announced a successful $297.7m bid for an additional tract at its Antelope mine in Wyoming. The new lease would add approximately 350m tons of mineable coal to Antelope, doubling its reserves and adding 12 years of production. The U.S. Bureau of Land Management also recently announced a June 15, 2011 sale date for the West Antelope II South Coal Tract, which contains approximately 56 million mineable tons, according to BLM estimates.