Gold

Woulfe Mining announced Monday it is fast-tracking the evaluation of its Muguk gold project in South Korea, the largest gold mine in South Korea until its premature closure in 1997 due to low gold prices. The TSX-listed company says it is now able to focus on Muguk as its Sangdong tungsten-molybdenum project, is progressing at a rapid rate with production scheduled to commence in early 2012. The mine, believed to be one of the largest in the world, would produce about 4,000 tonnes of tungsten worth $180 million per year.

Shares in Ivanhoe mines closed up just over 5% in Toronto on Monday outperforming the broader market and bringing the counter's gains to 23.2% over the last week. At a time when many miners across the developing world struggle to preserve their social licence, the impact of Ivanhoe's Oyu Tolgoi on the people of Mongolia stands in stark contrast: the mine will contribute a third of the country's GDP when it goes into full operation, will be mined until at least 2060 and increase the average earnings of Mongolians by 60% according to a new CNN report.

DRDGOLD Limited, the fourth-largest gold producer in South Africa, announced today that its operating profit increased by 76% increased to R477.0 million for the year ended 30 June 2011. The company announced a dividend of 7.5 South African cents. "A 15% increase in the average Rand gold price received during FY 2011 to R308 221/kg – together with higher gold production – contributed to a 29% rise in revenue to R 2 565.3 million, and to increased operating profit."

Stakeholders in the mining sector said they are targeting to create about two million direct jobs for Nigerians from the sector. Under the Progressive Miners Empowerment Association (PMEA), the miners said if about N200 billion is injected into the sector, it would be revived.

Australian gold production has risen by 10 percent as new mines came into production and ancient operations revived. The nation’s gold output in the year to June 30 totalled 270 tonnes, up 24 tonnes on the previous financial year, according to Melbourne-based gold sector consultants Surbiton Associates

Unscrupulous stock tout services have been pumping U.S. junior exploration companies by suggesting that Vancouver-based senior gold producer Goldcorp Inc. is about to buy them out at huge premiums to their prevailing market prices. The latest tout service to do this is Stock Castle, a wholly owned subsidiary of Fidelity Ltd., which is said to be located in the British Virgin Islands.

Workers at Freeport-McMoRan Copper & Gold's (FCX.N: Quote) Grasberg mine in Indonesia plan to stage a strike in coming days after talks with the company failed to resolve a pay dispute, a move that could tighten global copper supplies and lift prices. A strike would be the second in two months at Grasberg, the world's third biggest copper mine that also has the biggest gold reserves, after an eight-day stoppage in July caused production losses and helped push copper prices to three-month highs

Gold prices were staging a rally Friday, shrugging off an almost three-day selloff, after Ben Bernanke left the door open for more monetary easing.

Ollanta Humala, President-elect of Peru, fulfilled a campaign promise Thursday in announcing his government's intention to hit mining companies with higher royalty taxes. Humala, who was elected in July, campaigned on a promise to tax mining company profits and distribute them to the poor — a development that had investors and mining company CEOs running for cover in a country that is the world's second largest producer of copper and the sixth biggest gold miner. Companies now pay between 1% and 3% in royalties.