Australian iron ore developer WPG Resources said on Friday it will bring forward its Buzzard direct shipping ore project at Hawks Nest in South Australia. Drilling at the site has already commenced so that the mine can operate in parallel to its flaghship Peculiar Knob project (pictured) growing output to 5 mtpa. WPG stock received a lift on the news and ended Friday's trading in Sydney up more than 4%, bringing its gains for the year to 24%.

Gold futures pulled back early on Friday after adding over $50 an ounce since Monday and more than a $100 since the start of July, but in after hours trade in New York had reached $1,594.50, adding a solid $5 to Thursday's record high of $1,589.30 an ounce. Thursday's gains were sparked by rating agency Moody's saying US bonds were on review for possible downgrade which followed similar warnings by S&P. Although Fed chief Ben Bernanke has downplayed talk of fresh stimulus for the US economy ongoing political wrangling about the US's $14.3 trillion debt ceiling are sending investors into safe havens like gold.

Norilsk Nickel, world number one nickel and palladium producer and Russia's biggest miner, announced on Friday it is restarting operations at its Maggie Hays mine near Lake Johnston in West Australia. Norilsk mothballed Maggie Hays bought from BHP and the other Australian operations it acquired in 2007 two years later as the financial crisis cut demand. Stainless steel production accounts for around two-thirds of nickel consumption.

The Silver demand in China is on up. Imports of silver to the China have reached new highs, and analysts maintain that demand for this year will only continue to grow. The growth comes not only from industrial and jewelry demand, but also from the increased investments in silver as a hedge against market losses and inflation.

A diamond trader of Surat died, while three others sustained serious injuries in the bomb blast that took place at Zaveri Bazaar in Mumbai, on Wednesday evening. Part of a group of traders that went to Mumbai for business, they were caught up in the bomb. Image from YouTube.

Joy Global, one of the world's leading heavy-equipment mining companies, will take over China-Based International Mining Machinery Holdings Ltd. According to a statement released on Thursday, Joy Global will purchase 534.8 million shares of IMM for HKD 8.50 a share representing 41% of the company. Total cost will be USD$538 million. Subject to regulations, Joy Global will purchase the remaining shares of IMM at a later date.

BHP Billiton Ltd. says it will buy U.S.-based oil company Petrohawk Energy for $12.1 billion in cash, giving it greater access to U.S. shale gas assets. The world's largest miner said Friday it would pay $38.75 for each Petrohawk share in an all-cash tender offer. The total value of the deal is $15.1 billion, including Petrohawk's debt.

Harmony Gold said on Friday that its Tshepong mine in South Africa remained shut and that lost production was expected to be 20 to 25 kgs of gold per day. South Africa's third largest gold miner said on Tuesday operations at Tshepong had shut after a worker died there following a rock fall.

Shareholders are advised that DRDGOLD expects its group gold production for the year ended 30 June 2011 (FY2011) to be about 10% higher than in the previous year, at around 265 200oz. Cash operating unit costs for FY2011 are expected to be about 8% higher. It is estimated that capital expenditure for FY2011 will be about 70% higher than the previous year, reflecting the continued development of the Crown/Ergo pipeline.