Gold hit a record high for the second day running yesterday on rising fears of debt default and future inflation. Spot metal touched an intraday best level of $1 594 (R10 933) an ounce and set a record fix of $1 592.50 in the morning in London before dropping back to $1 590.50 at the afternoon fix.

Gloucester Coal has completed two acquisitions designed to create a leading Australian coal miner worth about $2 billion. Gloucester said it had completed the purchase of Donaldson Coal Holdings, which owns three NSW coal mines, from Asian commodities trader Noble Group.

Brazilian steelmaker Usiminas said on Thursday it agreed to pay at least $1.16 billion to have long-term access to iron ore resources, seeking to battle a surge in prices for the key steel ingredient. Usiminas signed an agreement to rent mining rights owned by MBL Materiais Basicos for the next 30 years, it said in a securities filing. Usiminas will also buy 6 million tonnes of iron ore reserves at $12.50 per tonne from MBL, as well as a processing facility.

A Canadian coal junior has teamed up with one of the world's largest steel producers to move the Mount Klappan Metallurgical Coal Project in northern British Columbia into production. Fortune Minerals said yesterday that it has formed a joint venture with POSCO Klappan Coal Ltd. and POSCO Canada Ltd. (POSCAN) — a subsidiary of South Korean steelmaking giant POSCO.

Neighbour South Africa's influential Business Day reports as Zimbabwe’s shaky unity government inches ahead with extensive electoral reforms ahead of fresh elections now expected next year, the prospect of the country’s army seizing power looms large. In recent weeks, the military’s top brass has taken on a visible role in the country’s political affairs and has been brazenly opposed to security sector reforms. The military seized control of Zimbabwe's rich diamond fields in Chiadzwa in 2006 and most observers believe an international ban on these gems are being widely flouted.

India's Department of Fertilisers raised concerns with the country's Foreign Affairs minister on Thursday over 2011 prices set by Canpotex, the company that markets and distributes Saskatchewan's potash globally. India's farming co-ops have halted imports due to the impasse and while waiting for a government decision on import subsidies. At over 6 million tonnes/year India is the biggest importer but says it pays much higher prices than a country like China can negotiate.

Mining technology developer Maptek, has released Vulcan 8.1 to its 5500-strong global user base, providing new engineering functionality for underground stope studies, scheduling tools for open pit operations and a host of enhancements to existing features.

It is now possible to use measurement devices based on impedance tomography to create real-time 3D images from inside the pipelines and tanks used by the processing industries. One significant application for this technology, spearheaded by the Finnish company Numcore Oy, is concentration plants in the mining industry.

Liebherr has renewed its technical and licensing agreement with equipment simulator manufacturer Immersive Technologies for a second five-year period.