News that the Mongolian government is rethinking a 2009 deal that gave Ivanhoe Mines and Rio Tinto a 66% stake in the massive Oyu Tolgoi gold and copper project has sent the shares of Ivanhoe down more than 9.5% in Toronto on Wednesday afternoon, while Rio's ADRs gave up over 6% in New York trade. The bad news appears to have led to a bust-up between the two companies, with Ivanhoe founder and CEO Robert Friedland saying on Wednesday Rio's senior management has been making "unauthorized and incomplete" statements about Oyu Tolgoi and that he will take the matter up with the world's number three miner. Ivanhoe is closely tied to Mongolia where it also controls SouthGobi, a producing coal mine. SouthGobi plummeted 10% on Wednesday.

The controversial practice of fracking — which involves pumping a mix of sand, water and chemicals into a well to fracture the rock and release natural gas — has attracted widespread criticism for its potential to contaminate drinking water and cause minor earthquakes. Now a new environmental threat is emerging from the process: sand mining.

George Soros hit the number seven spot on the list of Forbes richest Americans. Forbes announced the list on Wednesday. His previous position was position number 14. Forbes says he is worth $22 billion this year, up $7.8 billion from last year. More disclosure about his financial holdings helped Soros climb the list.

EthicalOil.org ran commercials about the treatment of women in Saudi Arabia on the Oprah Winfrey Network late August and has now been dragged in front of Canada's advertising authorities by the Kingdom, handing the controversial website a PR victory just as it was beginning to look as if its message was being drowned out by Hollywood celebs protesting oil sands pipelines.

Mercator Lines has acquired 50 per cent stake in a coal mine in Indonesia's Kalimanthan province for about USD 30 million (Rs 145 crore), a top company official said today.

Joaquim Duarte David, Angolan Mininster of Geology, Mining and Industry recommends that Angolan universities invest more into training engineers, scientists and administrators, ANGOP reports.

To Joaquim David, knowledge and training are vehicles for the creation of modern techniques to increase productivity, improve the distribution of wealth and the emergence of a vast medium class with access to market, revelation of intellectuals, creators of businesses and decision-makers.

Botswana aims to transform itself into an international hub of the world diamond industry, boosted by a deal in which the De Beers mining and sales empire will transfer the sorting, valuing and selling of rough diamonds from London to Gaborone by the end of 2013. The agreement also provides for Botswana to sell 10 percent of its diamonds independently of De Beers, rising to 15 percent in five years' time. Gaborone's Mmegi newspaper reported Tuesday that all 66 of De Beers' sightholders from around the world are expected to travel to Gaborone at least ten times a year. Africa's failure to add value to resources within their countries of production has long been identified as a major hindrance to the continent's growth.

Without international agreements to limit greenhouse gas emissions, a new energy report sees world coal consumption taking off, rising from 139 quadrillion Btu in 2008 to 209 quadrillion Btu in 2035. The U.S. Energy Information Administration released its International Energy Outlook 2011 on Monday. While OECD countries, like the U.S., Canada, Australia and Japan, show a flat to declining consumption in coal, the non-OECD countries, namely China and India, show the demand for coal-powered energy exploding.

A strike appears imminent at Rio Tinto's Rssing Uranium Mine in the Namibian-Naukluft Park (pictured) after workers unhappy over production bonuses on Wednesday voted unanimously in favour of industrial action that could cripple operations at the mine responsible for some 5% of world production. Management said the demands were unreasonable and defeat logic. The industrial action takes place at a difficult time for the uranium industry with the spot price recently falling below $50 – levels last seen immediately after the nuclear accident at Fukushima. The sector has lost some 40% of its value since the Japan disaster and the first deal of what is expected to be widespread consolidation in the industry is already shaping up to be a classic David and Goliath fight.