SFGate reports China's asset managers, who have been approved to raise $70 billion for allocation overseas, are seeking additional funds to invest in gold and precious metals as soaring inflation spurs interest in alternative assets as a way to protect wealth. Five companies have been approved this year to raise cash for investment in precious metals products overseas via the qualified domestic institutional investors program, said Hu Miao, an analyst at Shanghai-based fund research firm Z-ben Advisors Ltd. Twenty more applications for resources and commodity investment are pending, said Hu.

In a graduation ceremony on June 23, eight First Nations people graduated from a new program sponsored by Dumas Mining, Wabun Tribal Council, the Matachewan Aboriginal Access to mining jobs Training Strategy (MAATS) and Goldcorp Inc. All are guaranteed employment, reports Wawatay News Online.

“On behalf of the graduates, we want to thank Wabun and our respective communities for the support and encouragement you have provided over the course of this training. We were also privileged to have the opportunity to work at Goldcorp for our training and we are thankful for the valuable instruction we received from Dumas Mining,” said graduate Paul Minarik, of Mattagami. The graduates completed training in their respective fields to prepare them for a career in the mining industry. Six of the graduates completed training in basic underground mine training.

Over the past five years, simulation training for coal miners at the Kentucky Coal Academy has been using simulators from Fifth Dimension Technologies based out of Pretoria - COO Mario Schehle credits rapid technological development, reports Engineering News.

What the 100% locally owned company does is to create simulators that train operators to handle some really big machines, such as dump trucks, graders, continuous miners, drilling rigs and drag lines, and this in an environment that very much simulates the real thing, including dust, fog, rain and slippery roads, with red flags popping up quickly when the operator slips up not only in handling the machine but also in site-specific procedures. ...Schehle says the key in growing the company has been the rapid development of computer technology, which now allows for standard equipment to be used to create a simulator, and no longer the expensive workstations required before.

Shares of Coal India and other mining companies tumbled in morning trade on the Bombay Stock Exchange Friday after a ministerial panel approved a draft bill for the mining sector. Coal India fell to a low of Rs 361 in opening trade on the BSE, but later regained some lost ground and was trading at Rs 374.10, down 5.11 percent.

Gold's performance has eclipsed that of gold mining stocks this year, but gold equities now are likely to take the upper hand as the flow of cheap U.S. cash slows and miners boast juicy margins and good growth prospects. Gold's status as a quasi-currency and safe haven has helped pushed the price of the metal up about 20 percent since the start of the year to above $1,520 an ounce, making it one of the top performing asset classes of 2011.

Copper hit a three-month high on Friday as concerns about demand from top consumer China receded and supply disruptions reinforced expectations of potential shortages this year. However, traders expected subdued trading ahead of a monthly jobs report from the United States, the world's largest economy, later on Friday.

SEOUL -- Seoul called Thursday for talks with Ulan Bator after a consortium involving South Korean firms was left off a list of groups chosen to develop a huge Mongolian mine, saying the decision was “unclear and unfair.”

Codelco, the world’s largest copper producer, will seek to sell bonds within 12 months to help finance a record $4 billion investment in its Chilean mines next year, Chief Executive Officer Diego Hernandez said. The state-owned copper company probably will raise part of the investment in U.S. dollar-denominated bonds as well as using amortization and retention of profits, Hernandez said in an interview in Bloomberg’s Santiago office yesterday.

Indonesian coal miner Bayan Resources Tbk has signed a deal with India’s Universal Crescent Power Private Ltd to supply 100 million tonnes of coal over 15 years from 2015, the firm’s chief financial officer said on Friday. “It’s an index linked contract based on the Newcastle index (and) is fully compliant with the minimum pricing regulation,” Alastair McLeod told Reuters. “It’s not a fixed price contract, and so it will vary every month on delivery of the contract.”