Sibanye-Stillwater shuts down Cooke gold mine, about 7,000 laid off

Tom Albanese says "assumptions that the floor price would not go much below $120 a tonne might be valid next year but not long beyond that."

As workers in South America and Indonesia strike for better wages and to receive more of a share of mineral wealth wrought by rising copper prices, a mine in South Africa is handing over cash to its employees. The Financial Post reports on Kumba Iron Ore's employee share ownership scheme, whereby workers who have been at the mine more than five years can earn a lump sum of 345,000 rand (about US$43,000).

U.K.-listed London Mining PLC said Friday it has started production of high grade iron ore from its Sierra Leone Marampa project and expects to ship its first iron ore later this month.

Northland Resources S.A. (NAU.TO) is nearly 5% higher today at $1.29 a share after local officials in Narvik, Norway, approved a construction permit allowing the company to begin work on a new iron ore terminal on the Barents Sea coast.

North American stock exchanges are on a tear today after central banks made more funds available to lenders, giving investors hope for a way out of the European debt debacle. The markets were also cheered by better than expected private sector job growth in the United States. The mining-heavy S&P/TSX Composite was up 2.5% to just over 12,000 at time of writing. The Dow Jones Industrial Average gained 384 points, or 3.3%, the most on a closing basis since Aug. 11, according to Bloomberg. Spot gold was up $32 from yesterday to $1747 which is just above the 20-day moving average of $1744, noted Kitco. Silver was up marginally to $32.86 from yesterday's $31.92, while benchmark copper was up more than 5% to a two-week high of $7,885/tonne. Zinc, lead, aluminum and nickel were also up from Tuesday.

Offer prices for iron ore dropped to three-week lows, reports Reuters, with steelmakers in top producer China mostly staying out of the market amid thin demand. Despite the low steel demand limiting Chinese buying interest, Vale SA said that it expects valemaxes, the world’s biggest iron-ore carriers, to eventually be allowed into ports inChina, the biggest user of the commodity.

Century Iron Mines, an iron ore miner with projects in Quebec and Newfoundland and Labrador, has reached a $120 million development deal with WISCO Resources, one of the third largest steel producer in China. WISCO Resources, which holds an approximate 25% interest in Century Iron, will invest $120 million in exchange for a 40% interest in three of Century Iron Mines' projects, Duncan Lake, Attikamagen and Sunny Lake. Funds will be used for exploration and development. WISCO Resources is a major subsidiaries of Wuhan Iron & Steel Corporation, headquartered in Wuhan in the province of Hubei in the People's Republic of China.

It's not often that a junior mining company has star power in its corner. Black Iron (TSE:BKI) was busy fielding media calls Monday when the Toronto-based company announced it has retained celebrated CNN talk show host Larry King to help raise the profile of the company. Black Iron owns the Shymanivske project in Ukraine, an NI 43-101 compliant resource with 345 Mt measured and indicated resources grading 32% iron and 469 Mt of inferred resources grading 31% iron. The project is surrounded by five other operating mines including ArcelorMittal's iron ore complex.

Brazilian mining conglomerate Vale, the world's leading iron producer, reduced its spending budget by 11 percent for 2012 in the face of an uncertain outlook for the global economy and commodities prices. In a statement released today, the Rio de Janeiro-based company plans to invest $21.4 billion on mining projects next year after failing to meet spending targets in 2011.