HONG KONG, CHINA--(Marketwire - Sept. 6, 2011) - Alexander Molyneux, President and CEO of SouthGobi Resources Ltd. (TSX:SGQ)(SEHK:1878) is pleased to announce today that the company has set a new monthly record of 441,665 tonnes of coal shipped in August, representing a substantial increase over shipping levels in the second quarter of 2011. "We have seen a continual increase this quarter in capacity being allocated by customers to collect our coal", said Mr. Molyneux. "We are pleased to see our shipping rate reach a level of approximately 5.3 million tonnes of coal per year on an annualized basis so soon, which is on track to meet our targets."

Brazilian mining giant Vale (VALE5.SA) is in talks with Chinese and other ship owners to sell or lease its planned fleet of giant bulk carriers, a Vale official told Reuters on Monday.

China's coal imports this year are expected to pull back from the record level in 2010 despite strong domestic demand, as growth in local production and transportation capacity help meet overall demand, an industry official said on Tuesday. Dong Yueying, secretary-general of China Coal Transport and Distribution Association (CCTD), told a coal conference in Beijing that he expected about 150 million tonnes of coal will be imported this year. The volume would be lower than the record 164.8 million tonnes China imported in 2010.

India's benchmark gold futures extended the previous session's gains on Tuesday morning to hit a fresh record of 28,583 rupees, tailing gains in the world market and buoyed by a weak rupee at home.

Copper extended its losses in futures trade today, declining by 0.56% to Rs 417.85 per kg amid a weak trend on the London Metal Exchange and subdued domestic demand.

Julia Gillard, determined to join efforts to reduce global warming, intends to revive cap and trade as Europe puts curbs on the United Nations-run emissions credit market and the U.S. opts out entirely. The Australian prime minister’s plan to make factories and utilities either cut the nation’s greenhouse gases or pay for pollution-curbing programs abroad may force companies to buy an average 66 million metric tons of credits a year starting in 2015, sending prices up 29 percent, according to Bloomberg New Energy Finance. That’s about two-thirds of Europe’s annual demand since 2008.

India's reputation as a mining jurisdiction was further besmirched today after two powerful mining magnates were arrested over allegations of corruption. The Guardian reports that Indian police have arrested Gali Janardhan Reddy, the owner of Obulapuram Mining Corporation and his brother-in-law Srinivas Reddy, the company's managing director, over allegations they created an illegal business empire worth billions. The men face charges of conspiracy, forgery and violation of mining laws.

Rio Tinto Group and Anglo American Plc (AAL), which together own about three-quarters of Palabora Mining Co., said they plan to sell their entire holdings in the South African miner as it no longer fits their investment objectives. Palabora’s main asset, a mine that produces copper and magnetite, “is no longer of a sufficient scale” for either Rio or Anglo, and a sale process for their stakes has started, the companies said today. Rio holds about 58 percent of Palabora and London-based Anglo almost 17 percent. Their combined holding is valued at about $700 million based on the closing price of Palabora stock in Johannesburg trading today. Image of copper spools at Palabora mine, courtesy of Rio Tinto

Newalta Corp. (TSX:NAL) has been awarded a $60 million contract from Syncrude Canada Ltd. to process oil sands mature fine tailings for a demonstration project.