Nickel

Isolated North Korea is desperate to earn some hard currency and look for rare earths in its borders with China.

Finland's Talvivaara missed Q2 earnings expectations and produced 3,951 tonnes of nickel in the quarter adding that its nickel output for the year will be towards the lower end of its 22,000 to 28,000 tons guidance. The miner warned that the short term outlook for nickel – which has declined to its lowest level in 2011 at around USD 21,000 per tonne – is uncertain and volatility across the base metals complex is likely to remain high. On the other hand, the global nickel market has remained in a deficit throughout the first half of the year with LME nickel stocks currently around their lowest levels since early 2009.

Uncertainties with regard to global growth are pressuring the base metal prices. However Nickel especially faces huge downside pressure due to a weakening Steel demand and prospects of new mine operations that will Lead to a supply surplus.

The market is expecting BHP Billiton to post record-setting annual profits of $US22.1 billion next week on revenues forecast to be a staggering $71.9 billion. BHP investors, whose stock has hardly moved in a year despite stellar growth rates at the Melbourne-based company, would want to hear if another share buyback will follow the $10 billion round completed in June and any update on its purchase of Petrohawk. The world's biggest miner has a history dating back 150 years and its operations span the globe from potash in Canada (pictured) and coal in South Africa to nickel in Australia and copper in Chile.

Wealth Minerals Ltd. (the "Company" or "Wealth") (TSX VENTURE:WML)(FRANKFURT:EJZ) announces the completion of the first phase of diamond drilling at its Rodeo de los Molles ("Rodeo") Rare Earth Element ("REE") Project in San Luis Province, Argentina. The Phase I drilling consisted of 26 drill holes (975.5 metres) targeting outcropping, high-grade REE mineralization confirmed by channel saw sampling results (see Wealth News April 11, 2011 and July 7, 2011).

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.

MSN reports that nickel shot up in India to Rs 990.50 per kg in futures trade.

IAMGOLD's net earnings attributable to equity shareholders were $478.9 million ($1.28 per share) in the quarter, including the gain of $402.6 million from the sale of the Tarkwa and Damang mines. "In January, we said our plan was to divest our minority interest in the Tarkwa and Damang mines for proceeds in excess of $600 million and by the end of June we had closed the sale for gross proceeds of $667 million. During that period, we also confirmed a near 700% increase in mineral resources at our niobium mine and increased our dividend by 150," said Steve Letwin, IAMGOLD's President and CEO.

Proactiveinvestors reports Regency Mines announced on Wednesday that its drilling work is continuing on the Mambare nickel joint venture in Papua New Guinea, but that visa delays may impact the planned work programme. The company said that the delays, caused in part by political uncertainty surrounding the appointment of a new government, could restrict the scale of the drilling programme. Papua New Guinea last week swore in a new PM and cabinet sweeping aside the old guard ahead of general elections next year.