Russia’s Polymetal says Q4 revenue up 12 pct on year earlier

Peru's government urged opponents of Newmont Mining's proposed $4.8 billion Conga gold mine project to refrain from violence during a protest scheduled for today as President Ollanta Humala scrambles to solve the bitter dispute.

Bloomberg reports AngloGold Ashanti, the third- largest producer of the metal, is scaling back a $3 billion, 10-year programme to extend is Mponeng mine outside Johannesburg, South Africa. Mponeng is the world's deepest mine and extends about 4 km (2.5 miles) underground. To meet an output target of 5.5 million ounces of gold by 2015, AngloGold will speed up expansion outside its South African base where barring technological breakthroughs, gold reserves are too deep to be mined profitably and safely. South African gold miners have to contend with some of the highest cash costs in the industry which at some properties are almost double the global average of $620 per ounce. AngloGold's most recent quarterlies showed production at Mponeng declined 8% to 117,000 ounces at $587/ounce.

Uncertainty regarding the never-ending euro crisis and weak data from China sent gold and markets lower. The S&P/TSX Composite Index is off 1.88% and the S&P/TSX Venture Composite Index is down 1.93%. Yesterday, gold broke through $1,700 mark but is now back trading at $1,680.

Canadian gold royalties company Franco-Nevada aims to raise C$340-million in an equity offering, it said on Tuesday. The TSX- and NYSE-listed firm said it would use the cash for acquisitions, working capital and general corporate purposes.

Imperial Metals (TSE:III) is extending its Huckleberry mine in northern British Columbia by 7 years. The company said it plans to extend the Main zone pit and build a new tailings storage facility, which will keep the mine running until 2021, 7 years later than the previous plan to close the mine in 2014. The pit is estimated to contain 39.7 million tonnes of ore grading 0.343% copper, with an overall strip ration of 1.46 to 1. Since startup in 1997, the mine has produced an aggregate 870 million pounds of copper, 8 million pounds of molybdenum, and 105,000 ounces of gold and 3.4 million ounces of silver.

The Globe and Mail reports ever since the euro zone bond markets first started to get the jitters, hedge fund managers have been whispering that gold could play a part in resolving the crisis. Until recently, this discussion has mainly been the preserve of conspiracy theorists and backbench German politicians. But now the use of gold to fund a euro zone bailout is coming closer to reality.

TSX Venture-listed GobiMin's financial and operating results for the third quarter of 2011 showed the diversified explorer made a handsome profit on the sale of a stake in a Chinese coal project. GobiMin disposed of a 24.49% indirect equity interest in Balikun Coal Project for a total consideration of $30.35 million, recording a gain of $8.21 million. The unaudited interim financial statements also showed the company ended the quarter with $63 million in cash. GobiMin also announced its Sawayaerdun Gold Project has completed drilling works of about 30,100 meters with 84 drill holes and continues for further drilling aiming to maximize the project potential and that it has extended the deadline for obtaining the mining license of Yanxi Copper Deposit to January 31, 2012.

Australia’s plan to impose a 30 percent tax on its booming iron ore and coal sectors cleared its biggest political hurdle on […]

A new study is casting doubt on the viability of undersea mining, despite recent success by Vancouver-based Nautilus Minerals (TSE:NUS) in obtaining the first-ever permit to mine the seafloor off the coast of Papua New Guinea. The Canadian-led study, published in the journal Geology, states that "the possibility of mining sea floor [deposits] has stirred debate about the sustainable use of this new resource and whether commercial development is worth the risk.” The Vancouver Sun quotes Mark Hannington, the University of Ottawa's Goldcorp Chair in Economic Geology and lead author of the study, saying that while there may be vast mineral deposits under the ocean, they cannot hope to meet the world demand for metals: