Zinc

London and Toronto-listed Noventa announced Friday that it placed 73,600,000 new ordinary shares at a price of 25 pence each with institutions and other investors to raise roughly $30.3 million. The specialty metal miner with operations in Mozambique is also extending an offer to shareholders to subscribe for a total of 17,500,000 new ordinary shares to raise up to a further US$7.2 million. In London stock in Noventa duly plunged 24% to 27.75 pence in line with the placing price of 25 pence.

In a surprise announcement Papua New Guinea on Friday introduced a plan to hand state ownership of mineral and energy resources to landowners, a move that may prove disastrous to foreign miners developing massive projects and pushing into new regions of the resource-rich country. The announcement by PNG's new leader comes ahead of elections in 2012 that many observers have warned is bound to lead to civil unrest. The move may also derail PNG's economy which is booming with growth this year expected to reach 11%. The mining industry employs roughly 30,000 people and supplies 80% of export earnings.

The world Zinc surplus for the first half of 2011 has increased by 8% compared to the entire 2010, with the Chinese inventories at historically highest levels reported the World Bureau of Metal Statistics (WBMS)

Mining Review reports Newcrest Mining CEO Greg Robinson told reporters on Friday it would acquire Harmony Gold Mining’s 50% stake in their massive Wafi-Golpu joint venture in Papua New Guinea if it was for sale. Last month Harmony Gold upgraded the resource estimate for Wafi-Golpu increasing it by 57% to over 1 billion metric tons, making it one of the highest grade copper-gold porphyry systems on the planet. Rumours about a possible sale by Harmony have been swirling for months and estimates of the value of the mine forecast to start production only in 2017 have bounced up and down with one investment bank pegging it at $9.9 billion.

Kazakhstan, strategically placed between China and Russia, has a wealth of mineral riches which it is eager to profit from. While Kazakhstan is probably best known for its oil, changes are on the horizon as mining companies flow in searching for copper, gold, zinc and other natural resources.

Impact  Silver Corp.  announced  on Wednesday additional drill results for the planned open pit Capire mine in the 200-square-kilometer Mamatla Mineral District, in central Mexico. Production plans at Capire are to first install a 200-tonne-per-day pilot plant (already purchased) to optimize mining and processing parameters toward planning for a larger operation in the future.

Iberian Minerals Corp. (TSX VENTURE:IZN) today announced financial and operating results for the three and six month periods ended June 30, 2011, with comparative figures for the three and six month periods ended June 30, 2010. The Company reported net income of $47.80 million for Q2 2011, representing $0.13 per share.

Reuters reports Peru's mining firms have agreed to pay higher royalties in an overhaul of the current system, sources on both sides of negotiations between companies and leftist President Ollanta Humala's government said on Tuesday. Under the new system, companies would pay royalties based on their operating profits, not sales and will be be similar to the system used in Chile. The new royalties rates still need to be defined, but they would likely be higher than the current rates of 1% – 3% charged on sales. The initiative comes as mining companies in Peru plan to invest $42.5 billion over the next decade, mainly in copper and gold projects. Peru is the world's largest miner of silver and the second-largest miner of copper.

The market is expecting BHP Billiton to post record-setting annual profits of $US22.1 billion next week on revenues forecast to be a staggering $71.9 billion. BHP investors, whose stock has hardly moved in a year despite stellar growth rates at the Melbourne-based company, would want to hear if another share buyback will follow the $10 billion round completed in June and any update on its purchase of Petrohawk. The world's biggest miner has a history dating back 150 years and its operations span the globe from potash in Canada (pictured) and coal in South Africa to nickel in Australia and copper in Chile.