African Barrick Gold said it was not aware of plans by the Tanzanian government to impose a "super tax" on mining profits, responding to reports that the country could introduce a windfall levy. Worries over the tax helped drag the miner's shares down 7.8 percent by 1125 GMT, underperforming a sector battered by fresh concerns over the economic recovery.

The top 40 global mining companies are poised to break through the US$1 trillion asset mark this year, due to record levels of cash, property and equipment on balance sheets, says a new PwC report. In their report Mine 2011: The game has changed, PwC called the financial results of the top 40 "spectacular" as total revenues increased 32% to US$435 billion, breaking the $400 billion mark for the first time.

Edward Lee, President of Molycor Gold, reported that drilling has commenced on its 100% owned Beaverdell Silver property, located 4km southeast of Beaverdell, British Columbia. The exploration program will be focused on the North Kokomo – Tiger and Duncan Bounty vein areas where high grade rock chip samples were taken during an assessment program carried out during fall 2010 up to 61.98 oz/ton silver.

Molycorp, Inc. (NYSE: MCP), the Western hemisphere's only producer of rare earth oxides, today announced that, subject to market conditions, it intends to offer $200 million principal amount of its Convertible Senior Notes due 2016 (the “Notes”) in an offering exempt from the registration requirements of the Securities Act of 1933. The Notes are being offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. In addition, Molycorp intends to grant the initial purchasers of the Notes an option to purchase an additional $30 million principal amount of the Notes.

The Rapaport Group, global manager of diamond data and international group of companies, has given a thumbs up to India, the world's largest importer of diamond roughs. With the country's polished diamond exports rising 6% year-on-year to $2.04 billion in April 2011, the agency has forecast that India will overtake the United States and become the biggest consumer market for diamond jewellery over the next three years.

Chieftain Metals has initiated an important step in its 2011 operations plan by transporting heavy machinery and equipment via barge to the Tulsequah Chief mine site in north-western British Columbia.

The full cost of the Fukushima nuclear disaster is yet to be established but its impact on the nuclear sector as a whole may not be as bad as was first thought - even with the loss of Germany as an active participant.

Barrick Gold is suing Goldcorp over the El Morro copper mine in Chile, the Globe and Mail reported yesterday. According to the newspaper: Toronto-based Barrick Gold Corp., (ABX-T44.24-0.39-0.87%) the world’s largest gold producer, is fighting Goldcorp Inc. (G-T46.82-0.59-1.24%)after the Vancouver company scooped up a majority stake in the El Morro development, one of the largest known copper and gold deposits in South America. Barrick alleges Goldcorp’s deal to buy Swiss miner Xstrata PLC’s 70-per-cent stake in El Morro was done illegally and is suing both parties, along with New Gold Inc., (NGD-T9.09-0.06-0.66%) which has a 30-per-cent stake in the project.

Dow Jones reports a recovery in global auto and aerospace demand and continued strength in emerging markets should underpin a sharp rise […]