Chile to attract $65 billion in mining investments by 2038 — minister

On Tuesday, the Dow Jones Industrial Average briefly climbed above 13,000, its highest level since May 2008. Many rejoiced at the psychological milestone as the index has nearly doubled from March 2009 lows.

Lack of investment and long-term planning in the Peruvian electrical system are threatening to wreck billionaire mining projects, considered key to the economic growth of the country, reports today one of the major local newspaper.

It seems that the mainstream investment community only takes a break from ignoring gold to berate it: one of gold’s most outspoken critics, uber-investor Warren Buffett, did so recently in his latest shareholder letter. The indictments were familiar; gold is an inanimate object “incapable of producing anything,” so any investor holding it instead of stocks is acting out of irrational fear.

Canadian miner NovaGold Resources Inc. (TSX:NG) said today that it has begun the process of trying to sell its 50% stake in the Galore Creek copper-gold project in British Columbia, in order to fully focus on its flagship Donlin gold project in Alaska, in a stament announcing its poor Q4 results.

Stocks struggle Wednesday morning as risk trades were daunted by dreary economic activity figures on both sides of the globe and the Greek post-deal aftermath.

The $2.5 billion deal saw European Goldfields add 6.4% in afternoon trade on Tuesday while Eldorado gained 6% to bring their combined market value to $10 billion.

On much heavier volumes than usual Grizzly Discoveries shed 3c or 6.52% by midday Tuesday. Before the market open the Edmonton-based company announced a potash discovery near Medicine Hat in Alberta Canada that wasn't as exciting as investors had clearly hoped – drilling yielded potash grades up to 31.1% K2O, but only over 0.3 metres.

The Zimbabwe Chamber of Mines says the government's hike of pre-exploration fees for the majority of minerals – by as much as 8,000% – together with increased royalty rates will cripple the industry.

Caledonia Mining announced on Monday it has signed a deal with the Zimbabwe government to sell 51% of its Blanket mine to indigenous Zimbabweans for $30 million. The purchase price will be paid to Caledonia from future Blanket dividend payments.