Gold mine collapse in Uzbekistan kills one, about 20 trapped

Overall construction at Oyu Tolgoi continues to advance on budget and reached a 54.4% level of completion at the end of Q3'11. Key elements of the project, including the concentrator complex, primary crusher and tailings-thickening ponds, remain ahead of schedule. Total capital invested in the project to the end of Q3'11 was approximately $3.2 billion. Facilities required for first ore production in mid-2012 remain on schedule and commercial production is expected to commence in the first half of 2013.

NPR profiles Elko Nevada, a town that is located besides Barrick's Goldstrike Mine and doesn't quite believe its good luck. Many residents are still planning for an end to the gold boom; meanwhile the mine keeps throwing off more money and more jobs, and the residents take advantage while they can. Barrick Gold (NYSE:ABX) has plans to hire thousands of more workers, ranging from engineers to mechanics

The Economic Times reports gold and diamond jewellery sales across India fell by 25-30% in grammage terms during Diwali due to rising gold prices and a noticeable shift to coins and bars, said a leading industry body which represents 300 000 jewellers. India is world's number one gold jewellery market and the sales figures can be seen as a setback for the industry. In August the World Gold Council said despite a higher gold price, Indian demand grew 38% during Q2 2011 compared to the same period of 2010 and will continue to expand for the rest of the year.

Business Times reports thousands of people face evacuation from greater Johannesburg in the Gauteng province – the economic heartland of South Africa – due to toxic sludge from abandoned gold mines laced with high radiation levels. Acid mine water, the result of groundwater flowing through underground shafts, is decanting from an old uranium mine and rising by half a metre a day beneath the city of 7 million people. Mass evacuation of informal settlements is one of several recommendations in a government-commissioned plan drafted in June to deal with 380 acid mine dumps – many of them radioactive – left over from more than century of underground mining. Uranium is often mined as a byproduct of gold in South Africa.

Nautilus, the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits, announced on Friday it has completed the quarter with a cash balance of $155.1 million, after successfully raising $70.5 million in the first tranche of a $98.1 million capital raising. The final tranche of C$27.6 million was received in October. The capital raising involved the issue of approximately 39 million shares at C$2.52 per share. Nautilus is developing its first project at Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce gold, copper and silver. The company has been granted all necessary environmental and mining permits. Nautilus also holds approximately 600,000 square kilometers of highly prospective exploration acreage in the western Pacific, in PNG, the Solomon Islands, Fiji, Vanuatu and Tonga, as well as in international waters in the eastern Pacific.

Toronto-based Crocodile Gold Corp swung into a quarterly loss of over $6 million on flat revenues of $30 million and lowered its gold production forecast for 2011 on expectations of much lower-than-expected grades at its open pit mines in Australia's Northern Territory. Crocodile cut its gold production outlook for the year to 66,000 – 69,000 ounces at a cash cost of $1,400 – $1,500 per ounce in 2011, from its earlier forecast of 85,000 – 100,000 ounces, with a cash cost of $875 – $975 per ounce. The bad news sent the company's stock down 25% at 40.5c by Friday's close on the Toronto Stock Exchange bringing its year to date losses to a whopping 73%.

According to a new report by MarketWatch, gold's allure is shifting to a new generation. Many people in their 20s and 30s have little faith in equities and, unlike older investors, are more inclined to consider alternative investments. Others seek tangible, hard assets as a counterweight to stocks, bonds and cash in the aftermath of the 2008 US financial crisis. And these new investors are not just gold hoarders of the doomsday variety.

Reuters reports Canadian gold miner IAMGold is on the look-out for acquisitions and while it is not itself up for sale, its chief executive said on Friday the company represents good value right now. IAMGold has in the past said interested in various stage projects, from exploration through to production and just over the last fortnight has put money into three South American juniors. IAMGold produces roughly 1 million ounces per year from operations in Africa and North and South America and sees bullion topping out at $2,000 an ounce this year or next from current levels around $1,790.

Rainy River Resources' received a 3.2% bump on Friday after the Toronto-based company released a highly positive preliminary economic assessment of its property in Western Ontario. Friday's move also came after Canaccord Genuity upgraded the stock to speculative buy. Rainy River is up more than 9% over the last two days and is worth some $600 million on the Toronto big board. The study envisions an open pit and underground operation that would have life-of-mine average annual production of 329,000 oz of gold and 497,000 oz of silver. In the first four years of the 13-year mine-life, the average cash cost net of silver credits is estimated at $417/oz of gold generating over $1.6 billion free cash flow at current metal prices.