The price of US crude oil crashed through the $80/barrel level on Friday afternoon bringing its losses to more than 10% in September and suffering its worst quarter since the 2008 recession. At the same time the discount on Western Canada Select widened to $10.50/barrel meaning oil sands producers now sell some of the cheapest fuel on the planet. The international benchmark for oil was pegged at over $102 on Friday. Canada exports 2 million barrels of oil per day and a lack of pipelines means all of it goes to the US Midwest, the pricing point for US crude.

The Thiess Sedgman Joint Venture (TSJV) has been awarded a A$85 million contract to design, procure, construct and commission a Coal Handling and Preparation Plant (CHPP) at the Codrilla coal mine on behalf of Macarthur Coal (C&M Management), the manager of the Coppabella Moorvale Joint Venture (CMJV).

The strike at Highland Valley Copper Mine in British Columbia could soon be over, local media is reporting. Kamloops This Week reported that a late-night bargaining session between Teck Resources and United Steelworkers has resulted in a tentative collective agreement. The mine's 1100 employees voted 99.5% in favour of a strike on Wednesday.

Argentina may be salivating over an abundance of natural resource riches, but getting it out from under the ground could push local water supplies to the breaking point.

A draft law approved by the Indian cabinet today directs miners to share their profits with people displaced by mining. The Wall Street Journal reports that the law, which has been pending for over two years, would have mining companies pay a royalty to create a fund to help for those displaced by mining and related industries. Coal producers would pay a 26% tax on profits. A regulator has also been set up to monitor illegal mining and prosecute violators, in a direct response to recent scandals in the states of Karnataka and Goa respecting the illegal export of iron ore.

Despite a rancourous dispute with local landowners over compensation and infrastructure upgrades and an appeal against a Papua New Guinea High Court ruling approving the dumping, Australia's Highlands Pacific on Friday said it is confident it could power on its already built mine next year after the intervention of a provincial governor. The wrangling over the $1.5 billion Ramu nickel and cobalt mine that over its life will dump 100 million tonnes of waste 400m offshore comes as the new PNG's government moves to quell concerns about proposed changes to mining rights that would potentially force projects worth billions of dollars into renegotiation.

Shareholders who held onto their Silvercorp Metals stock during the rollercoaster ride that started on September 2 when the company had to disclose fraud allegations and a massive short position in its stock, had something to show for their loyalty on Friday. Silvercorp, China's biggest silver miner, is now worth more than it was before the scam was exposed. You had to have nerves of steel though – volumes sky-rocketed, intra-day swings reached 22% and at one point shell-shocked owners were down a net 30%. And what is most remarkable: Silvercorp's gains are into the teeth of a silver price that has dropped 27% and a sector slaughtered along with it.

Minmetal Resources bought Anvil Mining for $1.3 billion, representing a 30% premium over Anvil Mining's average share price. The Anvil Board has unanimously approved the offer. Anvil's key asset is the Kinsevere mine, located in the Democratic Republic of Congo. Minmetal says its annual copper output will grow by 60,000 tonnes per year, an increase of 60%. The mine is expected to have about a 14 year life.

North Atlantic Potash Inc., the Canadian subsidiary of JSC Acron, today completed the sale of eight of its potash permitted areas to the Yancoal Canada Resources Co. Ltd. of China for $110 million. The sale allows North Atlantic Potash to focus its activity on key areas of interest within its remaining potash permits in Saskatchewan. The infusion of cash means the prioritization of advanced exploration and drilling required to delineate resources can now proceed through a systematic and strategic capital expenditure program. This sale relates to North Atlantic Potash's potash permit holdings located north of Regina (see map on website: permits KP 374, 377, 392, 406, 506, 399, 378, and 507).