AngloGold Ashanti reported record quarterly profits on Thursday of $342 million, up a whopping 68%, boosted by the precious metal's longest winning streak in almost a century. The world’s third-largest gold miner cut production guidance by over 4% and said it expected its cash costs to rise as much as $80/oz however. The Johannesburg-based company's CEO said the gold market is entering "a perfect storm" and that gold could “easily” break through $1,700 an ounce. December gold reversed its record setting pace by midday on Thursday to trade at $1,661.70 after touching $1,684.90 in early trade.

Newcrest Mining suspended work at its Gosowong gold mine in Indonesia on Thursday after it said nine people, mostly mine workers or contractors, were killed when a helicopter crashed en route to the mine.

Rio Tinto reported a surge in profits due to strong demand in Asia and higher metals prices on Thursday but shares in the company spiked lower in New York, opening down more than 7% and wiping more than $10 billion off the value of the globe's second largest miner. Net earnings for the first half year were $7.6bn, up 30% on the $5.8bn the firm made a year earlier. Commenting on the results chairman Jan du Plessis said the economic environment remains volatile but expected the Australia-based company continue to experience higher than average growth for the rest of the year. The company also said it was experiencing high cost inflation in some "mining hotspots" and cautioned that the strong Australian and Canadian dollar were impacting its profitability.

The world's top copper mine, Chile's Escondida, refused to improve a bonus to defuse a 13-day strike on Wednesday, presenting an offer the union said fell short, but that workers would vote on. Union leaders said the proposed bonus worth $5,760 failed to meet the expectations of workers who rejected the same offer from mine owner BHP Billiton on Friday.

Gabriel Resources announced on Wednesday that it has accumulated over $175 million in cash and equivalents to move ahead its gold mining project in Transylvania in an area where tunnels used by Roman miners during the first century still exists. It has been more than a decade since Gabriel Resources first obtained the Rosia Montana concession, believed the be one of the richest in Europe, and the Canadian firm has faced protests since receiving an archaeological discharge certificate from Bucharest authorities in July. More recently the site was a Romanian state-owned open pit operation (pictured) and Gabriel Resources has set aside $35 million for what it calls "rescue archaeology" .

Bloomberg reports Antofagasta Plc, the copper giant controlled by Chile’s Luksic family, on Wednesday said second-quarter output increased 17% boosted by additional ore from the Esperanza mine in Chile that began shipping at the start of the year. Antofagasta is actively diversifying outside of its home base and is awaiting the outcome of a joint bid for a mine in Pakistan that has the potential to add 200,000 tonnes of copper annually.

A new coal terminal proposed for Gladstone port's Wiggins Island in Queensland has met with delays for the third time this year, as the project's 16 coal company shareholders including Cockatoo Coal, Yancoal and Xstrata have still to raise all of the capital for the project. Costs for the first stage of the Wiggins Island coal terminal have escalated to A$3.7 billion ($3.9 billion) from A$2 billion in October 2010, a spokesman for the coal industry consortium that is backing the terminal said Wednesday.

Up 103% since the start of the year stock in Allana Potash Corp, advancing a project in Ethiopia was trading steady on Thursday after the company announced it had intersected strong potash mineralization in an area not previously drilled at its 160 square km Dallol project in Ethopia. Listed on the TSX-Venture exchange Allana's East Africa project has the backing of the World Bank and most the latest announcement comes on the heels of a string of discoveries at its land position in Dalol, part of the Danakil Depression (pictured).

Strong deep basin activity drove a hike in second quarter production for Paramount Resources Ltd., which reported Wednesday that average sales volumes increased 30 per cent in the period. The Calgary-based intermediate producer’s acquisition of ProspEx Resources Ltd. on May 31, along with new wells, meant a growth of 56 per cent in its sales volumes for the Kaybob division of the company.