Katanga gets $635 million to build world’s largest cobalt mine

Katanga Mining announced on Friday it has secured $635.5 million in new loan facilities from parent Glencore International to fund the expansion of its Democratic Republic of Congo copper-cobalt mine. The Toronto-listed firm wants to bump copper production to 270,000 tonnes per annum and thereafter bump it up to 310,000 tonnes from cash flow. The company is already ramping up copper production with financials results also out on Friday showing year to date copper in ore mined was 157,658 tonnes, a 96% increase over 2010. Cobalt produced fell 30% to 593 tonnes, but that was in line with expectations. Katanga says with the expansion the DRC complex it could become Africa's largest producer of copper and the world's number one cobalt mine.

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CNW Telbec | Mining/Metals | November 11, 2011 | 10:00 pm

Marathon Gold Reports 2011 Third Quarter Financial Results

Completed the earn-in for a 50% interest in the Valentine Lake Project by making a payment of $3,000,000 to Richmont Mines Inc., triggering the formation of the Valentine Lake 50/50 joint venture with Mountain Lake Resources Inc. Completed an updated NI 43-101 Resource Estimate on the Valentine Lake Project based on drilling results from the 2010 drilling campaign, which included Measured and Indicated Resources of 3.3 million tonnes grading 2.6 g/t gold, representing a total of 277,000 ounces of gold, and an additional Inferred Resource of 4.4 million tonnes grading 2.0 g/t gold, representing an Inferred Resource of 285,000 ounces.

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CNW Telbec | Mining/Metals | November 11, 2011 | 6:50 pm

Investors see more David than Goliath in new resource estimate

Treasury Metals (TSE:TML) failed to generate excitement this week from news that it has doubled the resource estimate at its Goliath gold project near Dryden, Ontario. The stock barely moved on Wednesday, opening and closing at $1.05. It was down around 5 cents in mid-day trading on Thursday.

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Andrew Topf | November 10, 2011 | 8:17 pm

Iron ore miners pay the price of $30B expansion through higher royalties

Mega-miners BHP Billiton and Rio Tinto on Thursday learned the price of their planned expansions in the Australian Pilbara: increased iron ore royalties to the West Australian government. Sydney Morning Herald reports the WA government will reap $1.9 billion more in mining royalties over three years after deals were reached with BHP Billiton and Rio Tinto: Premier Colin Barnett said the royalty rate for fines iron ore - grains smaller than 10 millimetres - would increase from 5.625 per cent of sale revenue to 6.5 per cent from July 1, next year and to 7.5 per cent from July 1, 2013. In return, mining giants BHP Billiton and Rio Tinto would be able to expand their projects in the Pilbara, worth an estimated $30 billion.

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Andrew Topf | November 10, 2011 | 6:32 am

First Majestic Silver Corp.: earnings hit $27.8 million in third quarter

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2011) - First Majestic Silver Corp. (TSX:FR)(NYSE:AG)(FRANKFURT:FMV) (the "Company" or "First Majestic") is pleased to announce the unaudited condensed consolidated interim financial results for the Company for the third quarter ending September 30, 2011. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's web site at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

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Marketwire - Mining and Metals | November 9, 2011 | 1:00 pm