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Mexico’s Fresnillo to double silver output, becoming world no. 1

Precious metals miner Fresnillo plans to double output at its newly opened Saucito mine in central Mexico by 2015 or 2016 in a second phase of expansion, a company executive said on Tuesday. With the project and other expansion plans, Fresnillo is looking to overtake BHP Billiton, which produces more silver as a by-product from other metals, as the world's biggest overall silver producer. The company's eponymous mine is the world's largest primary silver mine which has been in near continuous operation since 1550.

Chinese copper imports rise for first time in three months

Chinese imports rose for the first time in three months in June as buying from overseas became profitable and supply tightened after consumers drained local stockpiles. There are “strong signs” that the country will “come back and buy in a more aggressive way,” according to Codelco, the top producer. Prices slid 3.7 percent in the first six months of the year as demand waned. The metal has gained 46 percent in the past year, reaching a record $4.6575 on Feb. 15.

Australia’s ERA Q2 uranium output slides 84%, ups 2011 guidance

Australian uranium miner Energy Resources of Australia on Wednesday reported an 84 percent drop in second-quarter production from three months earlier, blaming voluntary interruptions in production due to safety concerns on flooding, but lifted its full-year production guidance.

Gold hits new record as further US stimulus appears on the horizon

Gold futures added to record levels set earlier on Tuesday as Europe finance ministers consider allowing Greece to default on some of its debt, Italy's borrowing costs soar and US Federal Reserve minutes indicate the possibility of additional financial stimulus. Gold is considered a hedge against inflation and further quantitative easing could flood financial markets with cheap money as it did in the previous round – QE2 – when US monetary authorities injected some $600bn to drive down interest rates. Gold for August delivery on the New York Mercantile Exchange was trading at $1,568.40 an ounce in late trade after settling at a record $1,562.30 an ounce earlier.

Puda Coal says auditor resigns, fiscal 2009 and 2010 ‘cannot be relied on’

Reuters reports China's Puda Coal said its auditor Moore Stephens has resigned, effective immediately, and the auditor warned that audit reports for fiscal years 2009 and 2010 should no longer be relied upon. In April, the Puda stock had been halted by the American Stock Exchange after the company said it will investigate unauthorized transactions in the shares of subsidiary Shanxi Coal by Chairman Ming Zhao, alleged by an website.