China COSCO (Ocean Shipping Group Co) Holdings Company, the country's top shipping conglomerate, on Friday reported a loss of CNY 271 billion (USD 432 million) for the first half of 2011, registering a massive decline of 176.8% YoY. Image is from geograph.org.uk

Stakeholders in the mining sector said they are targeting to create about two million direct jobs for Nigerians from the sector. Under the Progressive Miners Empowerment Association (PMEA), the miners said if about N200 billion is injected into the sector, it would be revived.

Copper futures declined in New York on concern that moves to curb credit growth and tame inflation by China, the world’s biggest consumer of the metal, may reduce demand for raw materials.

Four miners were killed when a coal mine collapsed in the northern Mexican state of Coahuila on Friday, a senior government official said. Labor Minister Javier Lozano said in a Twitter message the fourth body was recovered late on Friday and an extraordinary inspection of the mine was underway.

The head of the world's largest manufacturer of mining equipment says he does not see a return to recession in the United States. “I don’t see a return to high growth, but I think we’re going to bump along,” Doug Oberhelman, CEO of Caterpillar Inc., told the FT at the company's headquarters in Peoria, Illinois, this week.

Little progress has been made in increasing renewable energy usage, but Indonesia has enormous renewable energy potential. Geothermal energy could readily meet up to 40 percent of Indonesia’s energy needs.

Reeling under raw material shortages and the extension of a mining ban, the multi-billion dollar Karnataka steel industry is in the doldrums due to continuing uncertainty over iron ore supply to their plants. The jittery industry was not even optimistic over the release of 25 million tonne (MT) of iron ore, lying at various mines in the southern state, as the modalities are yet to be worked out.

Australian gold production has risen by 10 percent as new mines came into production and ancient operations revived. The nation’s gold output in the year to June 30 totalled 270 tonnes, up 24 tonnes on the previous financial year, according to Melbourne-based gold sector consultants Surbiton Associates

Two partners in the world's top aluminium producer, UC RUSAL , want to sell their stake to a third tycoon, Alisher Usmanov, owner of an iron ore miner and shareholder in Norilsk Nickel, Vedomosti reported on Friday.