Gold

Canada's mining output grew 2.9% in July, according to Statistics Canada which released its monthly gross domestic product numbers on Friday. The gains in the mining sector were attributable to more productivity after ". . . a period of production difficulties and maintenance work." Oil and gas production was down significantly, actually shrinking the output from the resource sector as a whole.

While the number of smokers in the United States has declined dramatically in recent years, miners have yet to kick the habit, says a federal study. Reuters reported Thursday on the report, which says that 30% of mining, hotel/motel and food services smoke. The study, by the Centers for Disease Control and Prevention, analyzed data from 2004 to 2010.

The Zimbabwe Guardian reports that at least 137 mining companies are risking losing their mining licences for refusing to comply with the country's new indigenization regulations. Affected companies include Anglo-American, Murowa Diamonds and Metallon Gold, according to the newspaper, which notes that 38 companies have complied. The government of Zimbabwe, the country with the largest platinum reserves outside number one producer South Africa, is demanding 51% of all foreign-owned mines operating in the country under its so-called indigenization laws.

Spot gold and U.S. gold futures rose 1 percent on Friday after German approval of a stronger bailout fund to counter the euro zone debt crisis.

Rio Alto Mining (CVE:RIO) said that an illegal work stoppage at La Arena Gold Oxide Mine forced it to suspend mining operations. The company's stock opened down 6.82% to $2.46. The company, issuing a statement on Thursday, says that it is in discussions with government representatives, community groups and others to resolve the issue.

President Ollanta Humala signed Peru's new mining law on Wednesday, which will raise about $1 billion a year. The money is to be directed to the poorest parts of the country and help build schools and infrastructure. Mining companies will now pay taxes based on their operating profits, ranging from 1% to 12%, rather than old regime where they paid 1% to 3% based on sales. There will also be a windfall profits tax ranging from 2% to 8.4% of a company's net profits.

Fear that Germany may not pass a crucial vote to shore up the eurozone's rescue fund savaged commodities overnight, with copper falling to its lowest level in 14 months, and taking crude oil and grains down with it. The red metal — widely considered to be a bellwether of the global economy — lost 7% of its value and sustained the second largest drop since the recession of 2008, Melbourne Age reported:

Researchers have discovered a new way to separate gold, silver, copper and other valuable metals from ore using the flotation processing method, reports MEI Online.

Temex Resources (CVE:TME) Wednesday reported additional high grade assay results over significant core widths from surface exploration drilling on the Broulan Reef Mine area of the Whitney Property in Ontario, extending mineralization to the east. Shares in the company were up 14% at 24 cents on the TSX Venture Exchange Wednesday morning.