Barrick ‘is back’ chairman Thornton tells shareholders

Peru can remain competitive with neighbouring Chile despite a recent decision to hike mining taxes. Peru, the world's third largest copper producer, is able to offset its higher tax on mining companies (which is 3.8 percentage points higher than Chile's) recently imposed by new President Ollanta Humala, because it has cheaper labour and electricity costs, reports Bloomberg:

South America-focused Yamana Gold (TSE:YRI) increased production and revenue targets for the third quarter, and rewarded shareholders with a 63% dividend increase. Toronto-based Yamana boosted production 4% to 279,274 gold-equivalent ounces (GEO) and brought in $555 million for the quarter — a 22% increase. Operating cash flow rose 57% to $330 million. The higher output came despite lower production at some of Yamana's mines in Brazil, Chile and Argentina. The best production figures came out of the El Peñón mine in Chile, which posted a 15% increase in GEO, and the Gualcamayo mine in Argentina, which marked a 17% improvement.

Greg Johnson, President and CEO of South American Silver (TSE:SAC), explains the development valuation cycle, and how silver companies gain value throughout the exploration process. This video shows investors that if they are able to identify high quality deposits early in the development cycle, they can make large profits.

CALGARY, ALBERTA--(Marketwire - Nov. 1, 2011) - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) ("TVI" or the "Company") announced today that it has been advised by its Philippine affiliate, TVI Resource Development (Phils.) Inc. ("TVIRD") that TVIRD is preparing to file a series of legal actions in Philippine courts to prevent the implementation of an Ordinance scheduled to come into effect in the Province of Zamboanga del Norte on November 6, 2011. The Ordinance, filed with no advance notice to TVIRD or TVI, purports to ban new open pit or open cut mines in the Province of Zamboanga del Norte and causes the closure process of existing such mines to begin one year from now, or November 2012. TVIRD intends to continue operating at Canatuan without disruption during this period. This Ordinance has no impact on TVIRD's gold development project at Balabag as it is in Zamboanga del Sur, a different province. Development plans continue at Balabag.

Arabian American Development Co, announced over the weekend it has completed construction of the gold, silver and copper mine in Saudi-Arabia which it is developing with Saudi's Al-Kobra Mining Company (Amak). The Texas-based company, which owns 37% of Amak, said it will turn the facility over to the Chinese surface operator to begin operations end-November. In July Arabian American Development got a $37m injection from a fund controlled by the League of Arab States. Shareholders in the Nasdaq-listed company saw the value of their investment rise a cool $107m as a result of the transaction and over the last month stock in the 44-year old company has risen 28.5%. The mine in a Yemen border province is the only non-government mine in the Saudi kingdom and is scheduled to begin production early next year.

The Guardian reports the approval for Britain's only commercial goldmine despite opposition from environmental groups has sparked fears for the Loch Lomond and the Trossachs National Park national park. The mine is around 1 kilometre inside the park boundary. It was the second time Sydney-listed mining company Scotgold had applied to mine gold and silver at the Cononish site, which it bought in 2007. It was turned down last year over concerns about waste – 400,000 tonnes will be produced over the mine's 10-year life – and rehabilitation. At current prices, Scotgold believes there could be around $275 million of the precious metals at the site and it could start producing ounces early in 2013.

Klondike Silver has been acquiring over 80% of the Sandon, BC silver camp over the past 20 years and its land position is now at 23,000Ha. Historical output from Sandon area mines starting in 1890s is over $35 billion (at today's mineral value) of lead zinc and silver. Klondike owns a 100 TPD fully operational flotation mill in Sandon which processes material from local mines. In its prime Sandon had 29 hotels, 28 saloons, 3 breweries, theatres, opera houses, cigar factory, soft drink plant, 3 sawmills, 3 churches, x2 newspapers, a schoolhouse, hospital, numerous lodges, clubs, organizations and a curling rink and bowling alley (in addition to one of the largest ‘red light’ districts in Western Canada). Klondike Silver is also reviving the Gowganda and Elk Lake silver camps in Ontario.

Perilya Limited, an Australian base metal miner, plans to raise $110 million to delever the company's balance sheet and fund the company's ongoing activities. The company said on Wednesday that it plans to issue 263,037,782 ordinary share at 42 cents per share. UBS AG is the underwriter. Perilya Limited has a zinc, lead and silver mine in Broken Hill, New South Wales. Perilya's operations also include the Flinders Project in South Australia and the Mount Oxide Project in Queensland.

Ongoing labour unrest at Freeport-McMorran's Grasberg mine in Indonesia has forced the American company to declare force majeure. The announcement made Wednesday effectively allows Freeport to stop shipments from its gold and copper mine so that it can avoid liability on existing customer orders. About 8,000 workers — a third of the mine's workforce — have been on strike since September 15th and earlier this month vowed to shut down the mine if hourly wages of $1.50 are not upped 8-fold. The strike recently turned ugly with reports of sabotage and injuries.