Lithium price plunge claims first victim

Wits Gold wishes to announce that Turgis Consulting (Pty) Ltd (Turgis) has been appointed to complete a pre-feasibility study over the Company's advanced DBM Project in the southern Free State goldfield. This follows the announcement of positive scoping study results at the DBM Project on 23 June 2011. The initiation of a seven diamond borehole drilling programme for pre-feasibility purposes commenced in July 2011 and is on schedule to be completed during September 2011.

Allana Potash Corp. (TSX VENTURE:AAA) ("Allana"or the "Company"), is pleased to announce that it has awarded a Feasibility Study contract to ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau ("ERCOSPLAN") for its Ethiopian Potash Project. ERCOSPLAN has been involved in Allana's Ethiopian Potash project since 2008 and completed an updated National Instrument 43-101 ("NI 43-101") compliant resource estimate for the property in June 2011. ERCOSPLAN is a widely recognized world leader in potash exploration techniques and potash mining and processing. In addition to Allana, ERCOSPLAN's clients include some of the largest potash exploration companies and potash producers in the world.

Rio Tinto Group and Anglo American Plc (AAL), which together own about three-quarters of Palabora Mining Co., said they plan to sell their entire holdings in the South African miner as it no longer fits their investment objectives. Palabora’s main asset, a mine that produces copper and magnetite, “is no longer of a sufficient scale” for either Rio or Anglo, and a sale process for their stakes has started, the companies said today. Rio holds about 58 percent of Palabora and London-based Anglo almost 17 percent. Their combined holding is valued at about $700 million based on the closing price of Palabora stock in Johannesburg trading today. Image of copper spools at Palabora mine, courtesy of Rio Tinto

Steel Guru reports that Liberia is poised to reap the rewards of its mineral riches once again, with the first shipment of iron ore produced since the end of its decades long civil war expected later this year, and gold production due to resume in as soon as six months.

The DRC's Ambassador to Belgium says the country wants to ramp up diamond production and become a "continental hub" for the precious stones. In an interview with Rapaport Magazine, Henry Mova said the country could become an entrepot for Africa-sourced diamonds. His comments were made following the graduation of 15 Congolese citizens from the International Gemological Institute’s (IGI) School of Gemology in Antwerp.

The African continent has historically meant just one thing to the global coal mining industry: South Africa. However, a new coal power is emerging in the form of Mozambique.

The Australian-based Intra Energy Corporation (IEC) has started coal mining in Mbalawala Mine, Ngaka coalfield in Tanzania, targeting both the domestic and export thermal coal markets of Kenya, Mauritius and India.

Fed up with paying high prices for iron ore, China is seeking out new supplies of the crucial steelmaking ingredient. The Australian reports that China is increasing iron ore imports from countries outside the major producing regions of Australia and Brazil to diversify supply away from the players that dominate the sector: The economic powerhouse has reported that iron ore imports from countries other than Australia, Brazil, India and South Africa had increased by up to 4 per cent in the first half of this year, compared with the same period last year.

Global markets have become increasingly volatile due to the deepening financial crisis, while gold bugs are gripping their seats.