UK Coal posted its first profit in four years yesterday after higher production and coal prices sparked a turnaround at its collieries.

Shares of Minara Resources jumped 36% today on news of a takeover bid by Swiss-based commodities trader Glencore Resources. Glencore, which went public in May with an astonishing $11 billion IPO, is seeking to buy a minority position in Minara, of which it already owns 73.4%, for AU$268 million.

Australia's Paladin Energy has signed three new uranium sale agreements with US customers for output from the stage 3 expansion of the Langer Heinrich mine in the Namib desert (pictured).

Spot gold dropped $105 an ounce, or 5.66%, to $1,753.20 an ounce on the Comex division of the New York Mercantile Exchange in early afternoon trade on Wednesday, as investors booked profits and over disappointment about the precious metal's failure to breach $1,900. Losses over two trading days now top $120 – gold last hit a settlement record on Monday, when it finished at $1,891.90 an ounce. Gold has gained almost 25% from lows in early July and many analysts are holding to forecasts of $2,000 an ounce in the near term, but some producers have sounded caution.

Stephen Harper is using the backdrop of peaking gold prices amid international economic turmoil to sell his vision of economic development in Canada's Far North.

The JB Marks Education Trust Fund, a major source of bursaries in Australia for those in the mine, energy and construction industries and their dependants, has selected a judging panel for its 2011 awards, reports The Marketing Site.

The JB Marks Education Trust Fund in conjunction with the Mineworkers Investment Company (MIC) celebrates disadvantaged student heroes who have excelled in spite of difficult circumstances. These awards are awarded to student achievers who make a success of the tertiary education opportunities created by the fund’s bursary scheme.

TSX-listed IC Potash is in talks with “quite a few” companies to partner on its Ochoa project in New Mexico, and hopes to have an agreement penned within the next 12 months, CEO Sidney Himmel told Mining Weekly Online.

BHP Billiton reported record annual results and beat analyst estimates in the process, after prices of copper, iron ore and coal reached all-time highs because of demand from China. Profit at the world's biggest miner surged 86% for the 12 months $23.6 billion, a full $1.4 billion ahead of expectations, on the back of earnings from iron ore, its biggest division, which jumped 122% to $13.3 billion.

Mountain Province Diamonds said on Wednesday it is breaking off talks with unspecified parties that showed an interest in the company and is instead focusing on advancing its Gahcho Kué project and to arrange its share of the financing which amounts to some $600 million. Shares in the little-traded company jumped almost 8% on the news.