China's Baoshan Iron & Steel Co Ltd expects to receive regulatory approval for its coastal Zhanjiang project this year, Chairman He Wenbo said on Tuesday, despite government resolve to extend a fight against overcapacity. "We will try to obtain approval this year, and are starting to build a raw materials dock," He, also president of parent Baosteel Group, told reporters on the sidelines of a company event.

The Middle Eastern market, which has seen sustained interest in large denomination bullion bars from high-net-worth individuals, has a new ally. Heavy buying from expatriates from the Asian subcontinent, notably India, has spurred sales of the precious metal.

Canadian gold miner Kirkland Lake Gold Inc said its quarterly gold production rose 56 percent. Quarterly gold production rose to 23,466 ounces, from 14,995 ounces, a year earlier. The Ontario-based company said it produced a record 10,175 ounces of gold for the month of April. Image by Kirkland Lake Gold

According to testimony before the US Congress concerning the construction of the $7bn Keystone XL pipeline extension from Alberta to Texas, crude produced by Canada’s oil sands, which represent just over half the country’s total production, has already surpassed the total volume of imports from the US number two supplier Mexico. Since 2000 Canada’s oil sands output has more than doubled: from 600,000 barrels to about 1.5m barrels per day in 2010. Canada supplies 2m barrels per day or 22% of US crude oil imports, up from 15% a decade earlier. The sands’ 175bn barrels of recoverable oil places Canadian oil reserves third in the world behind Saudi Arabia and Venezuela.

The Australian: Australia is facing a critical skills shortage in mining and other industries, and India seemed like the perfect place to get skilled labour. However with new projects opening in India, the question is arising as to whether India can spare that labour.

The Australian government this month announced it would fast-track 457 temporary migrant visas for mining companies seeking foreign recruits for positions they can't fill from the domestic labour pool. Austrade is championing the idea of Australian vocational training courses in Indian workplaces and institutions, and eventually an India-based Australian mining and engineering college, with the capacity to train as many as 100,000 Indian workers annually.

The Charleston Gazette reports on Tuesday that the families of seven miners who died in the Upper Big Branch Mine Disaster in West Virginia have filed a new lawsuit against owners Massey Energy, challenging Massey's proposed acquisition by Alpha Natural Resources. The suit alleges that the CEO and other Massey insiders "will receive tremendous financial benefit" – estimated at some $196m – from the $8.5bn deal, while victims of the disaster "will be subject to great risk and uncertainty." Massey has put its estimated losses from any suits or settlements with the disaster's victims at $78m, or $3m per victim.

BHP Billiton has dissolved a partnership with Blackthorn Resources to develop a mine in Zambia, according to a report in The Post Online: World's largest mining company BHP Billiton has finally withdrawn from the Mumbwa Iron Oxide Copper Gold project, aborting expectations that Zambia was to herald a new era of top tier miners. Its joint venture partner, Blackthorn Resources, announced that BHP Billiton had pulled out of a copper venture but would retain the right to a two per cent production royalty on any metal mined from the area.

Klondike Silver Corp. announced on Tuesday it has arranged for a private placement of up to 4,000,000 units for total proceeds of up to $1,000,000. Proceeds from the private placement will be used for exploration expenditures on the Company’s Yukon, British Columbia and Ontario mineral properties as well as for general working capital. Klondike Silver is a member of the Hughes Exploration Group of Companies.

Reuters reported that the spot price for Brazil potash from Belarus Potash will increase. The market news is quoted as saying: BPC, a joint venture between Belarussian state firm Belaruskali and Russia’s Uralkali, said the move reflected higher global demand for potassium-based fertilizers and limited stocks.