According to local paper, the Duluth News Tribune, P&H Mining Equipment is to close its main Minnesota Iron Range offices in Mountain Iron, Buhl and Hibbing after construction of a new $16 million, 82,000 ft2 building off US Highway 53 on the town of Virginia’s north side. The building should open next summer and will include office space and a giant service floor and crane for equipment repair and service.

Zambia's finance minister said on Thursday that audits had highlighted tax "issues" with Konkola Copper Mines (KCM), owned by London-listed Vedanta Resources (VED.L:Quote), and Canada's First Quantum Minerals (FM.TO: Quote) in addition to Glencore's (GLEN.L:Quote) subsidiary in the country.

NGEx Resources (TSX: NGQ) added more than a hundred metres to the western extent of the higher-grade zone of its Los Helados project, a deep copper-gold porphyry about 170 kilometres southwest of Copiapó, Chile. Along a roughly 500-metre-long portion at the western edge of the deposit, three drillholes made significant strides for NGEx, with one cutting a 700-metre long intercept into Los Helados' higher-grade zone.

India's Tata Steel on Thursday agreed to sell its 26 percent stake in Australia's Riversdale to Rio Tinto for $1.1 billion, giving the Anglo-Australian giant full control of the coal miner. Tata, the world's No 7 steelmaker, will sell shares in an open offer at A$16.5 each. Riversdale shares closed little changed at A$16.50 in Sydney on Thursday before Tata Steel's announcement.

Chinese industrial executives say the world's supply of rare earth minerals will outstrip demand within five years, ending reliance on China's exports. Wang Hongquain, general manager of China Nonferrous Metal Industry's Foreign Engineering and Construction Company (NFC), toldChina Daily more nations with large rare-earth deposits will resume exploration, which will lead to a global reallocation of the minerals.

With a new government-backed CEO, a capex budget and acquisition war chest that dwarfs others, record net profits, a very generous dividend policy, strong fundamentals in its core business, aggressive expansion into high-growth areas and regions – notably potash and Africa – and a stock that looks downright cheap next to its peers, what is not to like about Vale? After slumping to an 8-month low less than a month ago it now seems investors are finally beginning to warm to the the diversified Brazilian miner. In the month since Murilo Ferreira has been head, the planet's third most valuable mining company has risen against the other supermajors and outperformed the broader market by 7%.

SW Radio Africa news reports India has raised concerns as Russia is set to join China in moves to control diamond mining in Zimbabwe, with the Federation’s state diamond group Gokhran seeking a license to mine at the controversial Chiadzwa fields. China already has two companies operating there in partnership with Zimbabwe’s state diamond firm. Zimbabwe is set to become the world's leading producer, with an expected volume of 40m carats per year worth some $2bn annually from the rich deposits in Chiadzwa and Marange. The troubled country, emerging from years of hyperinflation and political turmoil, is however barred from selling diamonds because of alleged human rights violations and has built up a stockpile worth $4bn–$5bn.

New Gold is accelerating its drill program for its Blackwater project in central B.C. The company has budgeted $20 million for between 40,000 […]

Rising inflation in China and India's tenth interest rate hike since March 2010, is set to take a toll on consumers preference for the yellow metal, according to analysts and traders. ``Gold and silver will surely get pummelled in the near term with signs of a stronger US dollar and yet another rate hike in India. Investors have very little savings these days and prefer not to invest in gold,'' said Manoj Maheswari, bullion analyst at a brokerage firm here.