The secretive Russian diamond giant Alrosa on Thursday provided a rare glimpse into its finances and operations ahead of a possible public offering. The state-owned company supplies about a quarter of the world’s diamonds and in 2010 produced more of the precious stones than De Beers, historically the dominant miner and marketer of the gems. Alrosa's president Fyodor Andreyev said an internal audit showed its diamond reserves at 1.28bn carats, making the company the world's biggest holder: “At current extraction rates, the company's reserves will last more than 40 years.”

In keeping with its massive expansion plans, the Maharatna firm Coal India (CIL) will induct 1,100 management trainees by October, Steel Guru reports.

The new faces will be inducted into the parent firm and its subsidiaries in various disciplines mining, electrical, mechanical, civil and chemical/mineral. The recruitment of the white-collars is necessitated as the world's top coal producer plans huge expansions, including setting up of 20 new washeries with a combined capacity of 111.1 million tonnes at an estimated cost of INR 2,500 crore.

Lundin Mining has abandoned its plans to sell, saying the bids did not fully value the company, according to a story reported in Bloomberg News. The decision also means CEO Phil Wright will resign; senior vice president of corporate development Paul Conibear will serve as interim CEO. The bids “did not adequately value the company or its assets,” Lundin said in a statement. “The best way to create shareholder value is to continue to manage and develop the company’s quality assets and to actively seek growth opportunities.”

The Green Party of New Zealand is taking aim at coal with new legislation that would make coal miners bear the brunt of their emissions. According to the Otago Daily Times: The Climate Change Response (Low Carbon Economic Development) Amendment Bill would amend the Emissions Trading Scheme (ETS) to ensure all new activities and industries that use lignite, are fully liable for the costs of the greenhouse gas emissions they emit. "Large scale lignite mining in Southland could see New Zealand's carbon emissions increase by as much as 10 million tonnes a year, when we already need to decrease them by more than 20 million tonnes a year," said the architect of the bill, Green MP Gareth Hughes.

Commissioning and start-up of Canada’s first gearless mill drive (GMD) system has been completed at Osisko Mining Corp’s Malarctic project and will increase production capacity at the mine. The system was commissioned by ABB, a leading power and automation technology group. Image of the Malarctic mine by Osisko Mining

Bloomberg reports that in London, Copper inched up for a second day as banks from Goldman Sachs Group Inc. to JPMorgan Chase & Co. backed the metal’s prospects. The market news is quoted as saying: Three-month delivery copper on the London Metal Exchange rose as much as 1.1 percent to $8,958 a metric ton and traded at $8,949.75 at 3:12 p.m. Singapore time. Stockpiles of the metal in Shanghai Futures Exchange warehouses declined to the lowest in more than seven months last week, a sign that demand may be picking up in the world’s biggest consumer.

As it tunes its rigs to near surface oxides Argentex Mining (TSX-V: ATX) continues to churn out strong silver and gold mineralized intercepts at its Pinguino property in Santa Cruz province, Argentina. Of 16 drillholes Argentex recently reported the best of the lot hit 62 metres @ 88.8 g/t silver and 0.94 g/t gold, which included as much as 6 metres at 675.5 g/t silver and 5.99 g/t gold.

Reuters reports: China wants to help build nuclear power generation in East Africa, uranium mining and investment company IBI Corp said in a statement after meeting Chinese officials in Beijing, revealing China's undimmed appetite for overseas nuclear expansion despite the Japanese nuclear crisis this year. IBI, which has uranium-prospective land in Uganda, said its director, A.J. Coffman, held an "encouraging meeting... with the relatively new umbrella organization overseeing China's research and development of Generation 3 and Generation 4 nuclear power plant designs."

Eyeing potential for high-grade gold tonnage, Canada's Southern Arc reports on another swelling gold-silver mineralized vein in Indonesia. A zinger of a drilling result - wide with high-grade gold mineralization - propped up Southern Arc Minerals' theory that the Pelangan target on its West Lombok property in Indonesia may hold other bonanza-grade ore shoots.