The Directors of Aurelia Resources Limited (ASX:AJU) are pleased to confirm the opening of the company’s Offer Period for an Initial Public Offering (IPO) to raise $3 million, and to undertake a listing on the Australian Securities Exchange (ASX). Listing on the ASX is expected before the end of June 2011. Fifteen million shares are being offered at 20 cents per share and the company may accept subscriptions for a further 5 million shares to raise an additional $1 million. Also, a loyalty option, priced at 1 cent will be offered to shareholders after three months on a 1 for 2 basis. The exercise price is 20 cents with an expiry date of 30 April 2014. Image by Aurelia Resources Limited

IAMGOLD announced that employees at the Company's Essakane Mine in Burkina Faso are back at work and that the mine has resumed operation. Negotiations are to resume immediately with the intent to resolve all issues within the next 60 days.

IAMGOLD said it had halted operations at its Essakane Mine in Burkina Faso pending the resolution of some labour unrest. The company made the announcement on Thursday. The company president, Steve Letwin, did not provide anymore details about the issues involved.

Northern Freegold Resources announced that it intends to complete a non-brokered private placement of up to 22,857,142 units at a price of $0.35 per unit, for gross proceeds of up to $8 million. Each unit will consist of a common share and a share purchase warrant, each warrant being exercisable to acquire an additional share at $0.45 for 18 months following the closing. Net proceeds from the private placement will be applied towards advancement of the Company's Yukon mineral properties and for general working capital purposes.

In a move meant to curtail fake diamond exports and the round tripping of funds and diamonds indulged in by some nefarious diamond merchants, India's central bank, the Reserve Bank of India, has reduced the term of letters of credit for the import of diamonds into the country. An immediate consequence of reducing the term, to 90 days instead of one year, will ensure that diamond importers cannot earn interest arbitrage on their packages.

ArcelorMittal South Africa (AMSA), a subsidiary of ArcelorMittal, the world's biggest steelmaker, this week announced an agreement which may see the acquisition of an iron ore "resource" in the Northern Cape. At the same time, parent company ArcelorMittal announced its first quarter earnings, where, for the first time, it reported its mining interests as a separate segment.

Franco Nevada reported an adjusted net income of US$21.4 million or 18-cents per share for the first quarter, a 157% increase over the adjusted net income of US$8.3 million or 7-cents per share for the first-quarter 2010. Net income for the first quarter of 2011 was $21.2 million or 18-cents per share, which included a $5.6 million gain, $6.5 million in forex losses and $1.7 million in losses recorded from the equity accounting of Franco's investment in Gold Wheaton prior to the acquisition, which closed on March 14, 201

The Chronicle reports that 45 Ghanaian students have been offered a four-year apprenticeship program with Newmont Akyem. The apprenticeships will be undergone in the US, Ghana or South Africa.

These are initiatives by the company to help disabuse the notion that mining communities are poor, as the companies either did little, or not factor the development of the communities into their programmes.

Europe's No.2 copper producer KGHM (KGHM.WA) nearly tripled its net profit in the first quarter, beating expectations thanks to a rally in metal prices. Poland's state-controlled miner said on Friday its bottom line reached 1.96 billion zlotys ($710 million), compared to 1.84 billion seen in a Reuters poll.