The Fed believes commodity prices are off their peaks and probably won't be picking up anytime soon. Minutes of the Federal Open Market Committee, which were released today, spelled out several factors contributing against an uptick in commodity prices. "Most participants anticipated that, with stable inflation expectations, significant slack in labor and product markets, slow wage growth, and little evidence of pricing power among firms, inflation was likely to decline moderately over time. Several suggested that slowing growth in the United States and abroad made a new surge in commodity prices unlikely."

Hecla Mining (NYSE:HL) paid the U.S. Government $77 million to settle a suit involving the Bunker Hill Superfund site in the Coeur d’Alene Basin. The United States Attorney Wendy J. Olson made the announcement on Tuesday. The money will be used to pay for clean-up activities, securing natural resources, and restoring critical habitats to fish and wildlife in the Coeur d’Alene River Basin. Hecla Mining is also on the hook for an addtional $42 million for clean up costs which will have to be paid by August 2014. Hecla has also paid damages to the Coeur d’Alene Tribe and the State of Idaho.

Jacobs Engineering Group Inc. JEC +3.06%announced today that it received new contracts in the fourth quarter of fiscal 2011 from seven clients in the Alberta Oil Sands to support steam assisted gravity drainage (SAGD) and bitumen upgrading expansion projects. Officials estimate the combined total construction value of the awarded projects at more than $1.4 billion. Project scopes include engineering procurement and construction (EPC), front end engineering and design (FEED), fabrication and construction management (CM) on a variety of mid- and large-cap projects.

Hecla Mining Company ("Hecla") HL +3.79% announces that it has reached an agreement with its lenders to increase the amount available under its undrawn secured revolving credit facility to $100 million from $60 million. The amendment is effective immediately and represents a new three-year term on the facility. The financial covenants and interest rate at LIBOR plus 2.75% to 3.5% depending on the leverage ratio of the Company, remain unchanged. The lenders for the credit facility are Scotia Capital and ING Capital LLC.

First Majestic (TSE:FR) announced that its Q3 silver production was 4% lower from the prior quarter and 6% lower from the same quarter in 2010. The company produced 1,708,865 silver ounces in Q3 compared to 1,780,379 in Q2. In early morning trading, the company's stock was up 20 cents to $17.69 a share. The company believes that silver production should increase due to operational improvements at La Parrilla, its Mexican mine. First Majestic completed a new 1,000 tpd flotation circuit, which will replace an old 425 tpd flotation circuit and will allow silver production to ramp up in the fourth quarter.

Eldorado Gold (TSE:ELD) announced that it hit record production in the third quarter. Its three mines, Kisladag, Jinfeng, Tanjianshan and White Mountain, produced 179,195 oz in Q3 at a cash cost of $397/oz. The company also said that iron ore sales in the quarter totalled 170,781 tonnes at a realized price of US$122/tonne. "We are extremely pleased that all operating mines continue to perform in accordance with plan in terms of production levels and cash operating costs, which resulted in record quarterly production for the corporation," commented Paul Wright, President and Chief Executive Officer.

Australia Labor Party pushed the carbon tax through the lower house of Parliament on Wednesday in a close vote of 74 to 72. Protestors in the public gallery shouted and tried to disrupt the proceedings. Opposition Leader Tony Abbott of the centre-right Liberal Party of Australia accused Prime Minister Julia Gillard of lying to the Australian people during last year's election, an election which Gillard narrowly won.

NEW YORK--(BUSINESS WIRE)--Alcoa (NYSE: AA) today reported increased third quarter revenue and earnings compared to the year-ago quarter, but lower results sequentially, primarily due to lower metal prices, seasonal factors and weakness in Europe. Income from continuing operations was $172 million, or $0.15 per share, in third quarter 2011, compared to $61 million, or $0.06 per share, in third quarter 2010 and $326 million, or $0.28 per share, in second quarter 2011. “Aluminum prices fell in the third quarter, but most markets continued to grow,” said Alcoa Chairman and CEO Klaus Kleinfeld.

Loading up the global warming argument with righteousness is harming the cause, says a blogger at the Philospher’s Beard. “The moralisation approach […]