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Newmont’s Conga set to become Peru flashpoint as region vows massive protest

Reuters reports leaders in Peru's Cajamarca region demanded on Wednesday that Newmont Mining and partner Buenaventura abandon their $4.8 billion Conga project after talks with the central government broke down. The president of Cajamarca said massive protests will be held next week. In October, Newmont was forced to briefly shut down adjacent Yanacocha, South America's largest gold mine over the protests. Conga would be the biggest investment ever in Peru mining and is a crucial test for the country's new president Ollanta Humala, who campaigned on ending conflicts over natural resources.

Chinese firms in Zambia accused of mistreating workers

Chinese-run copper mines in Zambia are routinely mistreating workers and breaking the law by imposing up to 18-hour shifts and flouting international health and safety standards, according to a report from Human Rights Watch. The 122-page report draws on interviews with miners from the country's four Chinese copper operations and the 48 other mines operated my multinational companies. The Chinese companies are subsidiaries of China Non-Ferrous Metals Mining Corporation (CNMC), a state-run firm.

More bad news for iron ore, coking coal prices: world’s largest steelmaker profits halve, sees worse ahead

ZeeNews report the world's largest steel-maker ArcelorMittal on Thursday reported a dip of over 51% in net income to $659 million for the quarter ended September 30, 2011, due to rising raw material costs and a fall in demand. The Indian giant also said it will face increasing pricing and volume pressures in the final quarter and is idling production as a result – it has mothballed eight furnaces in Europe and permanently retired another just over the last two months. Arcelor's gloomy outlook prompted one analyst to observe: "We're in a very dark market environment right now."

Coal of Africa raises US$106 million

Coal of Africa raised US$106 million after placing 130 million ordinary shares representing 24.4% of CoAL's issued share capital prior to the placing. Coal of Africa operates coalfields in the Mpumalanga Province in South Africa. It runs two collieries and is advancing other projects. John Wallington, chief excecutive officer of the company was pleased with the placement.

Suncor announces record third quarter; operations continue in Syria despite troubles

Suncor Energy Inc. (NYSE:SU), Canada's largest energy company, announced third quarter record earnings of $1.287 billion or 82 cents per share. Operating earnings almost tripled to a record $1.789 billion or $1.14 per common share. On the news, which was announced on Thursday, the company's shares were up 1.8% to $31.88. Production from oil sands was a bright spot for the company with an increase from 306,600 to 326,600 barrels a day; however cash costs increased $3.30 a barrel.

Low uranium prices shelve Central African mine

Ripples of the Fukushima nuclear disaster are still being felt in the uranium sector. French nuclear power company Areva (AREVA:PA) said on Wednesday it is suspending a uranium project in the Central African Republic due to slumping uranium prices, which are down about 30% since the disaster in March. The accident at the Fukushima Daiichi plant following the Japanese earthquake and tsunami has taken the steam out of uranium mining and nuclear power which prior to the accident had been touted as a safe and economic alternative to fossil fuels.

West African gold explorer completes Can$81.25 million equity offering

Perseus Mining (TSE:PRU), a West African gold explorer and miner, completed a Can$81.25 million equity offering. The offering, 25 million ordinary shares at Can$3.25 each, was underwritten by a syndicate of underwriters co-led by Clarus Securities Inc., Dundee Securities Ltd. and CIBC World Markets Inc. Funds will be used to develop the Sissingue gold deposit at the Tengréla Gold project, as well as for general corporate purposes.

Yamana Gold hikes dividend by 63% on strong third quarter

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.