Moderately lower base metals, molybdenum, uranium and silver prices more than offset stronger gold, potash and cobalt prices in May, lowering the Scotiabank Commodity Price Index by 2.3% last month. LME copper prices eased from US$4.30 per pound in April to $4.05 per pound in May "and are still exceptionally lucrative at US$4.08 in late June," noted Scotiabank economist Patricia Mohr.

The value of Canada's oilsands grew by 2,220% to $441bn from $19bn between 1990 and 2009, according to a Statistics Canada study released on Tuesday. That put the value of crude bitumen from the oilsands higher than the value of coal, crude oil and natural gas combined. In 1990, oil sands reserves under active development amounted to around 500m cubic metres; by 2008, they had increased eight-fold to 4,300m cubic metres, thanks to improvements in extraction technology, new discoveries and an increase in the global demand for crude oil.

Rising gold prices are helping to bring mines on-stream in Northern Ontario, though this profitability is still at least partially dependent on many other fundamental factors such as infrastructure, solid mineralization, community involvement and favourable environmental impact assessments.

Cornerstone Capital Resources of Mount Pearl, NL, and joint venture partner Thundermin Resources of Toronto are pleased with the increased resource estimate for their Little Deer copper project 10 km north of Springdale.

Moly Mines Limited (TSX:MOL)(ASX:MOL) said today it has signed various project debt agreements with China Development Bank Corporation (CDB) totaling US$494 million for the construction of the Spinifex Ridge Molybdenum / Copper mine (Spinifex Ridge), Australia. Image by Moly Mines Limited

Melkior Resources Inc. announced assay results from six new holes from the 2011 diamond drill program on its 100% owned Carscallen gold project, located 5 kilometres west of the Timmins Gold Deposit and recent Thunder Creek gold discovery. All holes intersected multiple intervals of anomalous gold mineralization; the highlight was hole CAR-71-2011, which intersected one of the widest, high-grade gold intercepts to date from the property and returned 13.25 metres at 5.10 g/t gold from the Shenkman Zone at a vertical depth of 200 metres.

Cassidy Gold Corp. recently received an exploitation permit covering all gold resources identified to-date at the company's 100% owned Kouroussa Gold Project located in Guinea, West Africa. This permit runs through to October 14, 2019. The permit covers an area of 16 square kilometres within the company's 949 square-kilometre exploration permits.

Reuters quotes the chief executive of Russian potash producer Uralkali telling an investment conference in Moscow on Tuesday that spot potash prices could reach $600 per tonne by the end of the year. Uralkali also said it was considering entering into a transaction with Belaruskali, contradicting a Belarus deputy prime minister who earlier said the $20bn state-owned company was not for sale. A Belaruskali-Uralkali merger would create a group with annual production of 21m tonnes, dwarfing current number one Canada’s Potash Corp.

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