Gold

The long-awaited and twice-postponed report from international experts on the environmental impact study (EIS) for Newmont and Buenaventura’s US$4.8 billion copper-gold project, the Conga mine, is finally in the Peruvian government’s hands.

The federal government gives just over $4 billion in direct subsidies to mining companies each year, mainly in the form of cheap fuel and tax breaks for building roads and railways, according to a report by the Australia Institute think tank.

Canadian rare earth explorer Pele Mountain Resources Inc. (TSX-V:GEM)(OTCQX:GOLDF) announced today that it has entered into a binding agreement to sell its Highland Gold projects to a wholly owned subsidiary of Prodigy Gold Inc. (TSX-V:PDG) for US$1.8 million.

Canadian Prime Minister Stephen Harper and Chilean President Sebastian Piñera signed yesterday an agreement to upgrade the free trade deal between their two nations, which will benefit several miners with presence or planning to explore in the South American country.

A protest against Newmont Mining's proposed Conga copper-gold mine shut down much of Peru's Cajamarca region last Wednesday, reported World War 4 Report.

Endeavour Silver is paying a quarter-billion dollars for two Mexican mining properties owned by AuRico Gold (TSX:AUQ). Endeavour (TSX:EDR) said yesterday it will spend up to $250 million for AuRico's El Cubo silver-gold mine in Guanajuato state, and the Guadalupe y Calvo silver-gold exploration project in the state of Chihuahua.

Peru’s long-running Conga mine dispute is about to reach a turning point as international consultants appointed by the government in February are expected to deliver their report on the viability of proposed water for Newmont Mining (NYSE:NEM) and Buenaventura’s US$4.8 billion copper-gold project tomorrow.

Toronto fund manager, John Oliver, had his head shaved today after wagering four years ago that gold would hit $2,000/oz. Oliver, who works for Sprott Asset Management and said he would get his hair shorn if the prediction didn't pass, made the bet on April 16, 2008 when gold was $920/oz.

The Toronto Star profiles Peel River in the Yukon, a growing sources of contention between miners and environrmentalists