Political crisis pushes out auction of giant Peru copper project again

Animation Insider reports SpongeBob SquarePants contributes a hefty amount to Nickelodeon Consumer Product's estimated $5.5 billion in annual, worldwide retail sales. For international coin collectors – or for that one die-hard SpongeBob fan who must have absolutely everything – two companies are partnering with Nickelodeon to manufacture a limited run of four, one-ounce, silver legal tender, based on the cartoon. PFG Precious Metals from Chicago, a wholesale precious metals company, and the New Zealand Mint, a respected minter legal tender for four and a half decades, are now accepting orders for SpongeBob silver.

MarketWatch reports gold futures closed higher Monday, coming to within striking distance of the $1,800 an ounce level, as ongoing concerns over the euro-zone debt crisis and reports that Germany rejected calls to use its gold reserves to help shore up the region’s rescue fund helped boost prices. Gold for December delivery rose more than 2% earlier in the day to trade at $1,794, a six week high. Bullion is now up almost $200/oz from lows hit at the end of September when it briefly changed hands for less than $1,600/oz.

Taseko Mines' hopes were kept alive when the Minister of the Environment, Peter Kent, ordered the Canadian Environmental Assessment Agency to set up a panel to examine the company's New Prosperity copper-gold mine. "The Minister of the Environment instructed the Agency to design a process that will thoroughly assess whether the proposal addresses the environmental effects identified in the environmental assessment of the original Prosperity project. He also directed the Agency to ensure that information obtained during the previous environmental assessment is used to the extent possible in order to ensure a timely decision," said the agency in a statement. The review, which will include public hearings, are supposed to be wrapped up in a year.

Taseko Mining should be hearing from the Canadian Environmental Assessment Agency on whether the revised Prosperity Mine proposal can go ahead. Taseko Mines (TSE:TKO) estimates its proposed New Prosperity copper-gold mine, to built in near Williams Lake in British Columbia, would generate $9.8 billion in tax revenues for the federal and BC government over the next 20 years. The Vancouver-based company is taking another run at developing the $1.5-billion project after the federal government rejected it last fall.

A husband and wife in the U.S. face 20 years of prison time for tax evasion due on the many properties they hold. Before they were tripped up by the authorities, the colourful couple required that renters pay them in silver coins. The couple, who called themselves sovereign citizens while living in Alabama, also buried $350,000 worth of gold coins in their backyard.

Junior zinc producer Canadian Zinc (TSE:CZN) reported a $5.3 million loss in the third quarter, which it attributed to higher exploration expenses and losses in the value of its shares in a Fijian mine.

Mid-tier gold producer IAMGOLD (TSE:IMG) has purchased a 14% stake in Colombia Crest Gold Corp. (CVE:CLB) for $3.4 million. Stock in Colombia Crest Gold shot up 9.43% on the news. The private placement follows IAMGOLD's earlier investments in Tolima Gold Corp., a junior miner, and Bellhaven Copper & Gold (CVE:BHV).

The cash at the world's top six mining companies is estimated to top out at $144 billion by end 2013 and M&A activity this year is already up 67% over 2010. The gold sector has been leading the frenzy and the stock market is where they will be looking to find additional ounces.

It seems that Guatemala's poor will go to extreme lengths for the chance to find valuable precious metals. The Associated Press reports that hundreds of people regularly search for jewelry and scraps of metal among the trash that spills from a drainage tunnel into Guatemala City's main landfill: Every day, about 300 hike to the bottom of the ravine and wade into the water in search of rings and bracelets made of silver or gold. The water sifts and carries away the lighter garbage, leaving heavy metals on the stream bed.