The world's number one iron ore producer Vale is considering shifting from iron ore pricing based on the previous quarter’s prices to levels more aligned with the spot price the company's chief executive said on Tuesday. The Brazilian company's new willingness comes after more Chinese steel mills seek to postpone shipments or default on contracts as spot iron ore prices drop from historic highs above $170 to levels of around $150. BHP, Vale and Rio Tinto control nearly 70% of the 1 billion tonne annual iron ore seaborne trade and dominate price talks which in the past were characterized by secretive negotiations and annual contracts. Just last week global number one miner BHP Billiton announced plans to create a new, more transparent system for pricing iron ore called Global Ore by the end of the year or early next year.

Oilsands Quest was little changed at 24.5c on Tuesday after announcing it had entered into a 2-year $12 million securities purchase agreement with Socius Capital. Oilsands Quest says the financing ensures it's near-term liquidity while it attempts to sell off assets and advance its flagship Axe Lake pilot project. The deal throws a lifeline to the company under threat of delisting from AMEX after a $60 million rights offer flopped in September and a year-long quest to find a buyer or strategic partner came up empty handed. Investors in the firm have been on a bumpy ride. The stock is down some 70% from its January highs of 64c and gained 63% in a single day after Saskatchewan granted the company 15-year oil sands leases, the first in the province. But recent investors can feel smug about the fact that they did not buy into the junior during the frothy 2006 market – the counter hit a peak of $7.76 in March that year.

Allana Potash Corp. (TSX:AAA)(OTCQX:ALLRF) ("Allana" or the "Company") is pleased to announce that it has intersected three zones of strong potash mineralization in Hole DK-11-28 ("Hole 28"). Hole 28 is located in the northwestern portion of the concession block and was targeted to test potash mineralization west of Hole 15. Hole 28 intersected a strong Sylvinite Zone at a depth of 198.8 metres which yielded 40.27% KCl over 3.56 metres. A robust Kainitite Zone was also intersected deeper in the hole at a depth of 266.43 metres and returned 21.98 % KCl over 8.39 metres.

The Producer Price Index rose 0.8 percent in September due to higher gas prices. Food stuffs, on the other hand, declined after a strong run up through the summer. Analysts were expecting a more modest rise in the PPI. The Producer Price Index results, released by the U.S. Bureau of Labour Statistics on Wednesday, showed that all finished energy goods were up strongly in September. "The index for finished energy goods advanced 2.3 percent in September after decreasing in each of the previous three months. Nearly seventy percent of this rise can be attributed to the gasoline index, which increased 4.2 percent. Higher prices for liquefied petroleum gas and diesel fuel also were factors in the rise in the finished energy goods index," according to the statement.

Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to announce that it has retained the services of Wardrop, A Tetra Tech Company ("Tetra Tech") and AMEC, two large multi-disciplinary engineering companies to complete the required studies for the development of its Broken Hammer deposit in Sudbury, Ontario. Tetra Tech will complete the Pre-Feasibility study ("PFS") and the subsequent Feasibility Study ("FS"). AMEC will complete the Environmental and permitting requirements. "The successful delivery of the bulk sample and its expected results have brought this project to the next phases of development namely Pre-Feasibility, Feasibility, and permitting."

VANCOUVER, Oct. 18, 2011 /PRNewswire/ - By a narrow 280 - 246 (53 - 47%) margin, voters in Southwest Alaska's Lake & Peninsula Borough have supported a ballot measure that, if upheld by the courts, would restrict future development that affects more than one square mile of land within the 31,000 square mile borough. The Pebble Limited Partnership (the "Pebble Partnership" or "PLP") and the State of Alaska view the initiative sponsored by anti-Pebble activists as unconstitutional and unenforceable because it seeks to restrict development of state-owned resources on state lands through a municipal ordinance, and will challenge it in Alaska's Superior Court.

News reports from Australia say BHP Billiton may face delays in getting approvals for its $30 billion Olympic Dam expansion, as Greens and other minor parties holding the balance of power in the South Australian Parliament push for an inquiry into the project. The legal agreement between BHP and the State Government will be introduced to parliament on Tuesday or Wednesday, but the Greens now want BHP Billiton officials to appear before a parliamentary committee to investigate the indenture legislation for the expansion. The project will create an open pit mine adjacent to the current Olympic Dam underground operation that would be the world's biggest – trucks will haul overburden 24/7 for five to six years just to reach the ore body.

The FT reports in a European Commission report on green energy leaked Monday all scenarios point to wind farms becoming the biggest source of electricity in the bloc by 2050, outstripping both coal and nuclear power. Coal use could fall to very low levels it is predicted and gas would be the "bridging" fossil fuel for the next 20-plus years. Under these scenarios wind energy will more than triple its power output by 2020 and ten years later all of Europe's 240 million homes could be wind-powered. The downside is the average household's energy bill would double at the same time.

UKZambians reports Zambia's Mines Minister Wilbur Simusa says he expects total cooperation from the mining companies as government engages them on taxation and that they should brace for tough decisions ahead, but he added that he does not anticipate resistance. There is mounting pressure on Zambia's new president Michael Sata who took office on the promise of improving mining conditions and a bigger share of mining profits for Zambians after protests at a Chinese-owned copper mine earlier this month and a brief ban on metal exports to sort out revenue collection in Africa’s top copper producer.