Gold

Mid-tier gold producer IAMGOLD (TSE:IMG) has purchased a 14% stake in Colombia Crest Gold Corp. (CVE:CLB) for $3.4 million. Stock in Colombia Crest Gold shot up 9.43% on the news. The private placement follows IAMGOLD's earlier investments in Tolima Gold Corp., a junior miner, and Bellhaven Copper & Gold (CVE:BHV).

The cash at the world's top six mining companies is estimated to top out at $144 billion by end 2013 and M&A activity this year is already up 67% over 2010. The gold sector has been leading the frenzy and the stock market is where they will be looking to find additional ounces.

It seems that Guatemala's poor will go to extreme lengths for the chance to find valuable precious metals. The Associated Press reports that hundreds of people regularly search for jewelry and scraps of metal among the trash that spills from a drainage tunnel into Guatemala City's main landfill: Every day, about 300 hike to the bottom of the ravine and wade into the water in search of rings and bracelets made of silver or gold. The water sifts and carries away the lighter garbage, leaving heavy metals on the stream bed.

IBTimes Gold put together a list (with photos) of the world's 10 largest gold mines based on production data. Without giving away the results, IBTimes Gold says despite some difference of opinion, the Grasberg mine in Indonesia tops the list as world #1.

The Royal Canadian Mint displayed its $1-million face value, 100 kg Gold Maple Leaf Bullion coin at Richmond Hill on Thursday. It […]

Anglo American (LON:AAL) increased its interested in De Beers from 45% to 85% by buying out the Oppenheimer family for US$5.1 billion. De Beers is looking to Anglo American for better operational management. "Anglo American is well positioned to enhance the value of De Beers through its expertise and scale in such areas as technical, supply chain and financial management functions as part of a simplified and more integrated ownership structure," said the company in a statement.

Peru can remain competitive with neighbouring Chile despite a recent decision to hike mining taxes. Peru, the world's third largest copper producer, is able to offset its higher tax on mining companies (which is 3.8 percentage points higher than Chile's) recently imposed by new President Ollanta Humala, because it has cheaper labour and electricity costs, reports Bloomberg:

South Africa's mineral resources minister Susan Shabangu is on a road show in Australia and the UK to quell fears of mine seizures and drum up new investment for the country. So far few are suspending their disbelief over nationalization.

Stock in Formation Metals (TSE:FCO) plunged 13% today after a European bank decided to terminate its loan agreement with the Vancouver-based company. The $79.5 million loan from BNP Paribas was to go towards construction of Formation's Idaho cobalt mine. Formation said the credit facility was terminated without the closing of the subject financing.