Australian gold producer, BCD Resources has announced that it will close its Beaconsfield underground gold mine next year as today's gold price it is not viable to mine below the current depth of 1210 metres, said CEO Peter Thompson. The announcement comes nearly a year after the mine retrenched close to 100 workers in an attempt to make it profitable. Currently, over 150 people work in the mine, 103 of them being full-time employees, as well as 16 casuals and 32 contractors.

Offer prices for iron ore dropped to three-week lows, reports Reuters, with steelmakers in top producer China mostly staying out of the market amid thin demand. Despite the low steel demand limiting Chinese buying interest, Vale SA said that it expects valemaxes, the world’s biggest iron-ore carriers, to eventually be allowed into ports inChina, the biggest user of the commodity.

Newmont Mining Corporation (NYSE: NEM) ("Newmont" or the "Company") announced today that, in agreement with the government of Peru, it has suspended construction activities at the Conga project (or the "Project") in Peru for the safety of employees and community members. During the past month, the Conga project and the near-by Yanacocha operations have experienced intermittent work stoppages as a result of ongoing protests in the region. Beginning in October 2011, anti-mining activists expressed concerns about perceived impacts of the Project on the local water supply. The Conga Environmental Impact Assessment was approved in 2010 after extensive review by the Peruvian government which included significant engagement and consultation with local communities.

Output of copper cathodes and copper concentrates are beginning to be affected by a work stoppage that began Monday at the giant Collahuasi copper mine in Chile. Reuters reports that the mine, jointly owned by Xstrata and Anglo American, has implemented a contingency plan to deal with the labour action, which about 10% of workers are participating in: Some workers in Collahuasi, which produces about 3 percent of the world's copper, downed tools on Monday over fears of coming layoffs. The company later on Monday announced it had laid off a "limited" number of workers in response to a partial one-day strike in October, a move that could stoke tensions between management and the union.

Saskatchewan's first potash mine in 40 years was approved today in the small city of Moose Jaw. German potash producer K+S Aktiengesellschaft said its supervisory board approved CAD$3.25 billion in capital expenditures to build a solution potash mine at the Legacy property, which K+S acquired from Potash One when it bought the company for $434 million nearly one year ago to the date. "The Legacy Project is a significant step towards the expansion of our potash capacities and enables us to participate in the growth of the global potash market. Together with our existing potash mines in Germany, this will considerably strengthen the international competitiveness of K+S and consequently benefit the entire K+S Group in Europe and overseas,” said Norbert Steiner, K+S Chairman of the Board of Executive Directors.

A potential copper-nickel mine in Michigan's Upper Peninsula had a roadblock removed recently with a judge's decision to uphold the mine permits. Kennecott Eagle Minerals Company, a subsidiary of Rio Tinto, annnounced last week that the Ingham Circuit Court upheld environmental permits issued in 2007 for the Eagle Mine. The permits had been challenged in court by groups concerned about acid mine drainage including the National Wildlife Federation.

BHP Billiton said today it is reviewing its diamond business, which includes two large diamond mines in northern Canada, for a potential sale of all or parts of the business. The world's largest mining company said the review, expected to be completed by the end of January, will "examine whether a continued presence in the diamonds industry is consistent with BHP Billiton’s strategy." BHP owns 80% of the Ekati diamond mine in Canada's Northwest Territories. The other 20% is owned by geologists Chuck Fipke and Stewart Blusson (each has a 10% stake), who discovered the kimberlite pipes north of Lac de Gras in 1991. BHP also owns 51% of the Chidliak diamond exploration property on Baffin Island, with the other 49% owned by Peregrine Diamonds which has been exploring the 860,000-hectare property since 2006. Chidliak also contains copper, platinum group metals and lead-zinc.

Geekosystems reports on a new use for diamonds, providing truly unknowable random numbers that could serve the basis for secure communication. Random numbers are at the heart of modern communication, used for electronic commerce, wireless networks and bank transactions. The basis of secure communication is generating a random number, known as the key, that is shared by the recipient and the sender that is then used to scramble and unscramble the message that is sent between the two parties.

Century Iron Mines, an iron ore miner with projects in Quebec and Newfoundland and Labrador, has reached a $120 million development deal with WISCO Resources, one of the third largest steel producer in China. WISCO Resources, which holds an approximate 25% interest in Century Iron, will invest $120 million in exchange for a 40% interest in three of Century Iron Mines' projects, Duncan Lake, Attikamagen and Sunny Lake. Funds will be used for exploration and development. WISCO Resources is a major subsidiaries of Wuhan Iron & Steel Corporation, headquartered in Wuhan in the province of Hubei in the People's Republic of China.