Gold Fields, the world's fourth-largest gold producer, aims to produce one-million ounces of the precious metal per year in South America by 2015, the company's regional chief said on Wednesday.

Peru's leftist government presented a bill to Congress on Wednesday that aims to increase mining taxes to fund anti-poverty projects.

The US Geological Survey (USGS) said on Wednesday it estimated there were at least one-million tons of rare earth elements contained in resources in Afghanistan’s restive Helmand province.

Firestone Diamonds said Wednesday rough diamond prices have fallen about 15% to 20% since the start of August as market uncertainty begin to take a heavier toll. This after prices rose roughly 40% in the first half on the back of robust demand from China and India. The company announced it had sold only 14% of the rough diamonds offered at the tender – the London-listed firm's fourth of the year – held in Gaborone, Botswana that concluded on September 9. Most of the unsold goods were smaller in size. Shares in the company dropped over 7% by the close of trade in London.

The Inuit government of Labrador says it will review a 2008 moratorium on uranium mining that it brought in to protect the environment, The Winnipeg Free Press reported, with the Nunatsiavut Assembly voting last night to review the legislation imposing the moratorium on mining, production and development of uranium on Inuit lands. The moratorium was imposed on concerns over the environmental effects of uranium mining including low-level emissions produced from tailings. If a government committee recommends that the moratorium be lifted, legislation would be put forward to remove the restriction, says The Free Press. A report is expected by December.

Polish stocks are on a tear this week after a top court made a mining-friendly tax ruling. Bloomberg reports that Polish stocks climbed for a second day, with the benchmark index heading for the biggest advance in a week, as coal and copper producers jumped after the Constitutional Tribunal ruling on mining taxes: "The court ruled that mining excavations should not be considered as construction works and should be free of real-estate taxes."

Catholic Online delves into California's fabled gold country that calls to mind bearded prospectors with loaded-down pack mules but is now a bustling tourist community. Today people visit towns such as Sutter Creek, Amador City and Angels Camp to taste wine or to find treasure in the local antique store rather than to pan for gold. This may soon change, as a fully operating underground gold mine is set to open.

Gold for December delivery declined $15.00, or just under 1% to $1,815.10 an ounce on the Comex division of the New York Mercantile Exchange in late afternoon trade on Wednesday after the EU said it would soon present options on how it might issue bonds jointly and that Greece would remain in the euro zone. Gold is heading for its second weekly fall, its longest since early July although on Monday it struck an all-time high of 1,373.92/oz when measured in euros. December silver, down more than 1.5% on Wednesday managed to stay above the psychologically important $40/oz level.

The Australian quotes a Rio Tinto spokesman on Wednesday saying the discovery of a species of freshwater crab and a never before recorded shrimp near its Weipa mine would not be threatened by a planned bauxite expansion, but environmental protesters could still scupper the $900 million project. Rio Tinto, the world's number two miner, found a total of six species of crustacean including the new crab, which is about the size of a quarter, as part of its environmental impact study. It is now up to Australia state and federal governments to assess the findings.