Congo expects declaration on strategic metals by end of October

As controversy continues to rage over mining in Zimbabwe's Marange alluvial diamond fields, Voice of America reports a deal has been reached to sell Marange diamonds. According to the World Diamond Council, the agreement allows two Marange operations to sell diamonds on the international market and a third, run by a Chinese miner, will be allowed to resume sales following third-party verification. The agreement, reached in Kinshasa, Congo, was ratified by members of the Kimberley Process, which is a system to prevent the sale of so-called "blood diamonds". The United States opposed the decision by abstaining from the vote.

The takeover of Anvil Mining (TSE:AVM), an African copper producer, by Chinese company Minmetals Resources Ltd, could be in jeopardy. Anvil warned on Monday that the $1.3 billion deal may not be completed if the company fails to come to an agreement with partner Gecamines over contractual arrangements. According to the news release, La Générale des Carrières et des Mines Sarl (“Gécamines”) told Anvil that the takeover offer would trigger a review of the lease agreements with Anvil over the Kinsevere project in the DRC. State-owned Gécamines holds the leases to the mineral tenures.

Australian uranium producer, Paladin Energy, announced that its U3O8 production was 15% lower due to planned shutdowns and unscheduled remediation work. The company's stock declined 4.15% to $1.50 after Paladin announced on Monday its quarterly report for the three-month period ended September 30, 2011 The company did have record sales of 2,001,673lb U3O8, which generated revenue of US$102.74M. The average sales price for U3O8 was US$51.33/lb.

Roxgold Inc. (TSX VENTURE:ROG) (the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. and including GMP Securities L.P., RBC Capital Markets Inc., Fraser Mackenzie Limited, PI Financial Corp., Pope & Company Limited, Raymond James Ltd. and Toll Cross Securities Inc. (collectively the "Underwriters") pursuant to which the Underwriters have agreed to purchase 10,000,000 common shares ("Common Shares") of the Company on a bought deal private placement basis at a price of $1.10 per Common Share.

A presentation made to the Zimbabwean parliament on Thursday details the secrecy, corruption and human rights abuses that accompany mining activities in the Marange alluvial diamond fields. Hundreds were killed and thousands of local miners were driven off claims when the army seized control of the area in 2008 and most observers believe an international ban on these gems are being widely flouted. The report alleges that in contrast to the official $200 million, as much as $2.8 billion – equal to all other tax revenues – found its way into a parallel government via the army, police, prisons and intelligence agencies which all have 'permits' to mine there.

Mining Weekly reports De Beers is going all out to create 5,000 non-mining jobs in Namaqualand over the next five years as it exits a region on the South African west coast where it has mined for the past 90 years. Projects include a wind farm, abalone culturing for export to China where it is a highly prized delicacy, a prison warden training facility and a joint venture with sister company Anglogold for undersea gold mining. The company has recently come under fire over plans to sell the properties including two towns to a much smaller outfit that will have to take responsibility for rehabilitation over a 970 square km area pockmarked by open pits.

Leading surface and underground drill manufacturer, Sandvik, held a dedicated Mining Forum in Johannesburg, South Africa from October 11-13. The theme was 'Mastering Surface Drilling and Blasting.' Hosted by Sandvik and supported by mining explosives major AEL and drill monitoring and guidance company Thunderbird Pacific, the event aimed to provide a different experience than traditional seminars.

Canada's number one coal producer and world-leading nickel miner, Sherritt jumped 10.2% on Wednesday after reporting a doubling of quarterly net earnings and good progress at its massive Ambatovy project in Madagascar. Sherritt will start production at Ambatovy in the first quarter of next year. The company has already spent more than 90% of the planned $5.5 billion to build what will be the world's biggest nickel mine with the capacity to produce 60,000 tonnes of nickel and 5,600 of cobalt a year. Sherritt and its Asian partners have made the largest investment in the island's history and will make nickel the country's number one export for the next 27 years.

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.