Forbes & Manhattan Coal Corp.announced its first quarter financial results for the three months ended May 31, 2011. First quarter financial highlights were the following: revenue of $19.6 million; gross profit of $4.2 million; and consolidated EBITDA of $5.6 million and Slater Stand Alone EBITDA of $6.2 million (see non- GAAP measures); and cash and cash equivalents of $19.8 million. The average monthly revenue for the first quarter 2012 was $6.5 million. In fiscal 2011, from the date of acquisition to February 28, 2011 (a seven month period), average monthly revenue was $3.9 million. This represents a 65% increase in average monthly revenue.

Iron ore stockpiles at China's 30 major ports fell 0.64 percent week-on-week to 94.74 million tons on Aug. 12, including 13.06 million tons of Indian iron ore stockpiles which fell 6.51 percent, according to Aug. 12 figures from Shanghai-based Mysteel Information. The price of Indian iron ore grading 63.5 percent mostly stands between $186 to $187 per ton, down at least $1 from last week.

For around $2 a day some Afghan children as young as 10 work long hours in the country's coal mines with no safety gear and, until now, no government mining policy to protect them. While national law allows Afghan children to work up to 35 hours a week from the age of 14, they are not allowed to do hazardous jobs such as mining.

Spot gold dropped one percent on Friday in Asian trade, extending losses from a fall of 1.6% in the previous session as risk appetite revived after reassuring US jobs data soothed anxious investors, but bullion remains poised for its best week since February 2009. CNBC reports as gold futures briefled topped a record $1,800 traders that are long gold began to get nervous that they were behind a trade that may not have any potential new buyers left. Reuters reports the surging price of gold is a vindication for the world's gold bugs 40 years after US President Nixon announced the abandonment of the gold standard – the anniversary is on Monday.

Rare earths miner Molycorp on Thursday swung into profit in the second quarter as it ramped up production at Mountain Pass, California, once the world's largest supplier of the sought-after elements used in anything from iPods to stealth helicopters. Net income came to $48.8 million compared with a loss of $23.3 million a year ago. Revenue came in just shy of $100 million, compared with only $1.9 million a year ago. Commenting on the results the company said global demand for rare-earth elements remains "very high" and supply outside China, which controls more than 95% of world output, is tight.

Aurizon Mines reported gross profits of $29.1 million in the second quarter, a 45% increase from the same period last year, while net profit was up 17%. Chief executive David Hall credited stronger cash flows due to better performance from the Casa Berardi mine in the Abitibi region of Quebec, Canada, where the company is deepening the shaft and conducting the largest exploration program in Aurizon's history. Aurizon produced 41,418 ounces of gold in Q2, an 8% increase from the same period last year, at cash costs of US$544/oz. Image of Aurizon Mines' Joanna project

Gold traders saw the precious metal lose over $60 in value today after gold dipped below $1,740 in afternoon trading. Yesteray gold broke through $1,800/oz. While gold was down, markets were up on strong corporate earnings and good U.S. job's data. The Dow Jones was up 5.16% and the S&P 500 was up 5.76%. The Canadian markets were up modestly. The resource-heavy S&P TSX rose 2.16%.

ABB, the leading power and automation technology group, recently won an order from Hyundai Steel Company (HSC) to supply the drive system for the extension of its existing heavy plate mill in the Chungnam province of South Korea.The integrated mill produces high-quality automotive and shipbuilding steel plates.

Recent developments are rapidly stacking the odds against Alberta oil sands: the oil price has fallen 20% in one month, the gap between US crude and world prices hit a record on Wednesday above $24, the premium syncrude enjoyed in recent months is melting away and Canadian heavy oil's discount to US crude has widened to $15. The question now is how many of the $100 billion of oil sands projects in various stages of development will be completed or run at a profit when Canadian crude only attracts $60-$70 a barrel and could go lower. Sky-rocketing labour and equipment costs and a rising loonie could well turn out to be the proverbial last straw.