Buoyant prices for coal and copper yielded a profitable year for miners in British Columbia, according to PwC’s annual report on the BC mining industry. PwC partners Michael Cinnamond and Erfan Kazemi presented findings from their report at a press conference on Tuesday, flanked by key representatives of the BC mining industry, including outgoing BC Mining Association president Pierre Gratton, Gavin Dirom, president of the Association of Mineral Explorers BC, and Patty Moore, chair of the Mining Suppliers Association of BC.

Wabtec Corporation (NYSE: WAB) has signed a $21 million contract with Rio Tinto, a leading international mining company, to provide electronically controlled […]

Thresher Industries (PinkSheets: THRR) announced a new metal matrix composite that outperforms traditional aluminum alloy in heat sink applications. The material ThermaLite HS is manufactured using aluminum scrap from traditional billet machined alloy such as aircraft grade 6061 but has added ceramic particulate allowing superior heat transfer capability.

Barminco Limited has signed the company’s largest contract in its 21 year history with the renewal of its contract with AngloGold Ashanti […]

The Montreal Gazette reports on an Ernst & Young report released this week that points to opportunities for rare earth companies in Canada and elsewhere, as a result of REE export restrictions imposed by China: China’s clampdown on exports of rare earth metals used widely in smartphones and other electronic products, is opening up huge opportunities for the Canadian and international mining industry, consultants Ernst & Young said Wednesday.

Dow Jones Newswires reports: Rare-earth mining company Molycorp Inc.'s (MCP) first-quarter loss narrowed due to higher sales volume and a jump in rare-earth prices, although the company's adjusted profit and sales growth missed analysts' expectations. Shares fell 5% to $63.13 in after-hours trading, after closing the regular session down 7.2%. The stock is up 33% this year through Tuesday's close.

Canada's Globe and Mail newspaper reports that BHP Billiton, 80%-owner of the Ekati mine in the Northwest Territories, will make a $400 million investment to expand the mine. The Australian mega-miner says its decision was based on higher diamond prices buoyed by healthy demand. Mining at the Misery deposit would start in late 2015 and last for two years.

Taipei Times reports: Brazilian mining giant Vale opened a new US$1.7 billion coal mine in Mozambique yesterday, tapping the southern African country’s thermal and coking coal reserves of about 23 billion tonnes. Vale plans to start production in July and export 1 million tonnes of coal from the US$1.7 billion project this year, ramping up production to 11 million tonnes in a few years — and, local officials hope, boosting Mozambique’s current economic growth of 6.5 percent.

Metals Place reports: More big miners will likely follow the world's largest gold company into the copper sector as the metal's price soars alongside Chinese industry's growing hunger for it, experts say. The article says that even with the commodities sell-off this week that effected a dip in the copper price, there are still huge profits to be made in copper compared to other metals, quoting Scotiabank commodities specialist Patricia Mohr. Meanwhile copper is still being seen as a worthwhile investment because the supply cannot keep up with the demand.

A-Cap Resources has reported a 65 percent increase in uranium resources, from 158 million to 261 million pounds, at its Letlhakane project in Botswana, the company stated this week. The updated JORC-compliant resource estimate pegs the deposit at 780 million tonnes, at 152 ppm of uranium oxide, leaving 261 million pounds of U308 at 100 ppm cutoff. The indicated resource stands at 221 million tonnes at 153 ppm, for 74.7 million pounds of U308, which is a 49% increase over the last resource update in 2009.

Altius Mining (ASX:AYM) has commenced an initial public offering (IPO) with the intention of raising A$12 million and a listing on the Australian Securities Exchange (ASX). The company, based in Toorak, Victoria, is offering a maximum 60 million shares at 20 cents apiece. It expects to list on the ASX by June 2nd.

Commodities took another hit today on the Toronto Stock Exchange, as declines in oil, silver, copper and gold dragged the S&P/TSX Composite Index down 128 points by mid-day trading. The declines continued a trend that started at the beginning of the week, with the Canadian stock market down 240 points on Tuesday. MINING.com asked Patricia Mohr, vice president, economics and commodity markets at Scotia Capital, to analzye what is happening with the markets and what we can expect in the near future.