Gold

Indonesia surprised the global mining community last week after a new rule – Government Regulation No. 24 of 2012 – was quietly announced on the mining ministry's website. A growing list of nations – and not just radical fringe territories such as Zimbabwe or Venezuela – are pushing for greater control and ownership of the resource sector on top of higher taxes and royalties.

Chile newspaper La Tercera is reporting that an appeals court has suspended environmental authorization for Goldcorp's El Morro project over objections by local communities. Construction of the mine was due to commence in September this year at a cost of $3.9 billion over five years.

Bloomberg's weekly survey of gold traders shows they are the most bullish since November 11 with 16 out of 23 predicting that the precious metal will gain this week after investors up their holdings of bullion backed funds to a record $131 billion.

After a volatile trading day which saw gold move within a $40 range, the precious metal ended the week firmly above the $1,700 an ounce level.

Reliance Resources on Friday issued an update in relation to the recently announced Indonesian Government Regulation No. 24 of 2012, regarding foreign ownership of mining projects after its share price took an 11% knock.

South Africa took a step closer on Thursday to create a standalone mining company that will take charge of the government's role in the country's rich resources and with ambitions of becoming involved in the continent's mining sector.

Gold fell abruptly this morning, pushed by a rising dollar after data showed the U.S. economy created more jobs than expected over the last three months, decreasing prospects the Federal Reserve will keep interest rates low for an extended period.

Canadian miner Mandalay Resources (TSX: MND, MND.WT) resumed operations at its Cerro Bayo project in Chile today, after protestors removed blockades, allowing supplies in and out of the mine.

Despite a healthy economic growth, Canada’s economy lost 2,800 jobs in February, with at least 18% of those positions belonging to the mining sector.