After surging last week, industry bellwether Molycorp led a slide in rare earth mining stocks with a 5% drop by early afternoon on Thursday on news China is raising REE export quotas for the second half of the year in reaction to a WTO ruling. The exact impact of the decision is not yet clear: the new quotas only bring 2011 exports in line with last year prompting the EU to call it "highly disappointing." And fresh data from Lynas Corporation, world no. 2 outside China, show the price of a basket of eight REEs jumping 140% in just over two months.

Richard Burton appeared on Dick Cavett's show in 1980 and told the story about his family of Welsh coal miners. Listen to a riveting history about those who loved the mines and what that work cost them.

Industries suffering from skills shortages in Australia (mining and minerals processing, utilities, communications, construction, manufacturing, tourism and hospitality) are being supported by employment agencies, moving to offer the training required to close the gap, reports The Gympie Times.

The current skill shortages are due to a persistent decline in the apprenticeship training rate and a sustained high level of output for most of the last decade across the industries that employ a high proportion of tradespeople, says Dr Phil Toner, senior researcher for the Australian Expert Group in Industry Studies. Dr Towner said the reduced training rate was caused by changes in the economy over the past two decades, including changes in demographics, school retention rates, privatisation and corporatisation of public utilities, and outsourcing. With state and federal funding, agencies like Employment Services Queensland are upskilling the unemployed to reverse this trend.

Federal Reserve Chairman Ben Bernanke and Rep. Ron Paul (R-TX) squared off, probably for the last time, at a congressional hearing on Wednesday on whether gold can be considered money. Paul, who belongs to the libertarian wing of the Republican party and is currently running for the the Republican presidential nomination, expressed his sentiments about gold and the Federal Reserve in the books End The Fed and the Case for Gold.

Gold reached a fresh record high on Thursday as investors continue to seek for the metal as a refuge after Moody's placed US top-notch credit rating on review for a downgrade and hints of QE3 from the Fed. The yellow metal has also been supported by ongoing concerns over the euro zone debt crisis that deepened after Fitch downgraded Greece rating to CCC on Wednesday.

CONSOL Energy Inc. (NYSE: CNX), updates on second quarter 2011 operations. From the release: "CONSOL Energy's Coal Division reports total coal production of 15.4 million tons for the quarter, including 1.4 million tons of low-vol metallurgical coal

Diamond miner and retailer Harry Winston posted a 4 percent rise in ore processed in the second quarter, helped by the recovery of higher grades, and the company will hold three rough diamond sales by the end of July.

Silvercorp Metals Inc. has achieved record silver production and record sales for the first quarter of fiscal 2012. Highlights

• Record revenues of $69.7-million (U.S.), representing a 90-per-cent increase compared with the same quarter of fiscal 2011;
• Record silver production of 1.6 million ounces, up 15 per cent from the same period a year ago;
• Gold production of 1,390 ounces, a 30-per-cent increase compared with the same period last year.

President Obama was asked about oil sands at an energy town hall today in Pennsylvania. He said it was a “good thing” to get oil from friendly and stable countries such as Canada, but said he would not pre-judge the State Department permit process for the proposed Keystone XL pipeline from Alberta to the Gulf Coast.