Toronto, ON – October 26, 2011: Aecon Group Inc. (TSX:ARE) announced today that its Mining Division has been awarded a contract valued at approximately $80 million for work at a new potash mine, located approximately 140 kilometres east of Saskatoon, Saskatchewan. Under the unit price contract, Aecon Mining will conduct site preparation and early works, including site grading, construction of temporary roads, preparation of sediment ponds, and layouts for the camp. Work at the site has begun and is scheduled for completion in the fall of 2012. “This contract represents an important step forward for Aecon Mining, expanding its client base and its reach in Western Canada’s resource sector,” said Teri McKibbon, Aecon’s Chief Operating Officer. “The potash industry in Saskatchewan is undergoing significant growth, and Aecon is strategically positioned to play a role in many aspects of that growth.”

In the last decade spending on exploration in British Columbia has increased 20 fold. It was another bright spot for British Columbia's mining sector, as covered in PricewaterhouseCoopers' industry survey. "The estimated total economic output, value added GDP employment generated from exploration and development activities are $352 million, $168 million and 3,017 jobs respectively," wrote the survey authors.

Legislation introduced in the Queensland state parliament could have a negative impact on mining. The bill, the first of its kind to be introduced in Australia, bans mines that would make land unusable for farming, the Courier-Mail reported Wednesday: "The resources sector is growing in Queensland, but our government's commitment is to sustainable growth supporting mining in the right places, while ensuring best agriculture land is protected for future generations," (Environment Minister Rachel) Nolan said in a statement.

Gold climbed to a month high on Tuesday, briefly breaching the psychologically important $1,700 level, but the rally quickly ran out of steam. Gold for December delivery settled up $48, or just under 3%, at $1,700.40 an ounce in New York but in after hours trade the precious metal pulled back to change hands at $1,696. Earlier in the day the CEO of world no.3 gold producer AngloGold Ashanti, Mark Cutifani told Reuters he sees sees no bubble in gold and prices could easily go higher. Gold reached a record high of $1,920 in September and at $1,700 is still up about a quarter from a year ago.

The world's largest potash producer by output said today it plans to spend $5.8B to increase capacity over the next decade to take advantage of rising potash prices. Uralkali (LON:URKA) said its expansion program includes both brownfield and greenfield mines. Brownfield projects include 1.5 million tonnes of additional capacity at Berezniki 4, increased efficiencies and removal of bottlenecks at Berezniki-2 and 3, as well as Solikamsk-2 and -3, adding a million tonnes in total, and a two-phase expansion program at Solikamsk-3, increasing its capacity by 2 million tonnes.

AP reports one of the four bronze sculptures that included a Jules Dalou, sculptor of the famous Triomphe de la République in Paris (pictured), stolen from the Johannesburg Art Gallery in South Africa since January, were probably melted down and the copper content sold for a paltry $250. The market for scrap metal has grown dramatically in recent years and China alone imports some 400,000 tonnes of scrap copper per month. So called No. 2 copper scrap, which typically consists of a mixture of wire and tubing, sells for roughly 40 cents below the futures prices, which on Tuesday was $3.40/pound.

An iron ore project in northeastern Canada whose proponent is calling "the next Consolidated Thompson," has taken an important step forward. Alderon Iron Ore Corp. (TSE:ADV) announced today it has begun filing material to start the federal and provincial environmental assessment process. The application would allow Alderon to double future annual production at its Kami Project in Quebec-Labrador to 16 million tonnes of iron ore concentrate annually.

London-listed Gem Diamonds announced Tuesday it has sold the world’s 14th largest white diamond discovered at its Letšeng Mine in Lesotho two months ago for $16.5 million in cash. Gem will also share in the profit of any polished diamond cut from the 550 carat Letšeng Star. Letšeng is fast-becoming the richest source of large diamonds in the world and without the occasional large diamond find, the Letšeng pipe would probably be a marginal deposit, but the mine, 30% owned by the King of Lesotho, has also yielded the the 478 carat Light of Letšeng that went for $18.4 million in 2008 and two other big rocks.

According to a new report from PricewaterhouseCoopers LLP (PwC), direct mining expenditures in British Columbia mining crested $5.2 billion in 2010. An additional $3.7 billion was spent in secondary and support industries and services resulting in a total of $8.9 billion of economic activity across British Columbia. The Economic Impact Analysis report commissioned by the Mining Association of British Columbia (MABC) and compiled by PwC measures direct, indirect and induced economic impacts of mining in terms of output, Gross Domestic Product, employment and government tax revenues.