Polyus powers on

Timmins Gold Corp. reported an annual net profit of $11.5m for 2011, the first year of commercial operations of its San Francisco gold project in Mexico. The nine cent a share profit on revenues of $84.3m reported Thursday compared with a net loss of $8.6m last year when the company's income was zero. The company expects to average annual gold production of approximately 100,000 ounces at base case life of mine cash costs of US$489 per ounce. Timmins moved to the Toronto main board in March where it is worth some $137m.

Bloomberg reports South Africa risks cutting the mine output that contributes 8.8% of the economy as calls from within the governing political party for a state takeover of the industry deter investors, Impala Platinum Holdings said. Mine operators in South Africa are compelled by law to sell 26% of their assets to black investors by 2014 and boost numbers of black managers to help make up for discrimination during apartheid. Some companies had missed targets for 2009, the mines minister said at the time, adding that the industry had “not lived up to the spirit and intent” of the law.

An announced order for milling equipment for First Quantum's big Sentinel copper project in Zambia suggests a decision to go ahead with the project has already been taken. FLSmidth has received a contract worth approximately USD 50m from Kalumbila

The Osama bin Laden household in Pakistan's Abbottabad town used to buy and sell gold jewellery, perhaps as a way to raise money, it has emerged. Nearly two months after bin Laden was killed by US Navy SEALs who raided his Abbottabad hideout in the early morning hours of May 2. Photo is from the U.S. Government.

Rising gold prices are helping to bring mines on-stream in Northern Ontario, though this profitability is still at least partially dependent on many other fundamental factors such as infrastructure, solid mineralization, community involvement and favourable environmental impact assessments.

Melkior Resources Inc. announced assay results from six new holes from the 2011 diamond drill program on its 100% owned Carscallen gold project, located 5 kilometres west of the Timmins Gold Deposit and recent Thunder Creek gold discovery. All holes intersected multiple intervals of anomalous gold mineralization; the highlight was hole CAR-71-2011, which intersected one of the widest, high-grade gold intercepts to date from the property and returned 13.25 metres at 5.10 g/t gold from the Shenkman Zone at a vertical depth of 200 metres.

Cassidy Gold Corp. recently received an exploitation permit covering all gold resources identified to-date at the company's 100% owned Kouroussa Gold Project located in Guinea, West Africa. This permit runs through to October 14, 2019. The permit covers an area of 16 square kilometres within the company's 949 square-kilometre exploration permits.

China’s massive appetite for commodities is creating concerns for the global economy, the environment and workers in other countries. In a series of reports, VOA is looking at the economic power modern China wields. Chinese government and company officials are signing agreements at a dizzying pace around the world, including in places where few other foreigners invest.

Canada’s Bear Creek Mining Corp. threatened legal action Monday after the Peruvian government cancelled the company’s plans for a silver mine in the country’s southern highlands. The Vancouver-based company said it hoped a political solution could be found, but that it would "vigorously defend" its rights.