Swiss scientists developing method to detect low-temperature heated rubies from Mozambique

African Barrick Gold (ABGL.L: Quote) said its net profit declined in the first quarter as lower production and higher costs offset rising gold prices. Net profit fell 5 percent to $50.4 million as the miner's production dipped 2 percent to 173,907 ounces. Cash costs jumped 28 percent to $658 an ounce.

The Wall Street Journal is reporting that Leighton Holdings Ltd., and two joint venture partners, have obtained a contract worth $586 million, to last 66 months, at one of the richest diamond mines in Botswana.

Rapid progress on the predevelopment phase of the giant Kibali gold project in the Democratic Republic of the Congo (DRC) is paving the way for the targeted mid-year start of mine construction.

IAMGOLD (TSX: IMG) agreed to sell its 18.9-percent interests in two Ghanaian gold mines, Tarkwa and Damang, to Gold Fields (NYSE: GFI), the majority stakeholder, for $667 million. The company reasoned it hasn't been getting fair value by investors as minority players in mines in which Gold Fields owns the majority stakes. "Our strategy is to invest in mines that we own and operate, as they represent the best return on investment for our shareholders," Steve Letwin, IAMGOLD president and CEO said in a statement.

The Company is pleased to provide an update on its recently acquired Buckreef Gold Mine Re-development Project in Tanzania’s Lake Victoria Greenstone […]

Harmony Gold (HARJ.J: Quote) said on Wednesday that its gold production for the March 2011 quarter would likely be two percent lower than the previous quarter mainly due the impact of the Christmas break. It did not give figures in a brief guidance to investors but it said cash operating costs remained steady and capital expenditure was contained during the quarter.

Business Report writes: The eight-month moratorium on granting prospecting licences is expected to be lifted on Monday with the unveiling of an online application system expected to ensure transparency and reduce turnaround times.

Aquarius Platinum (AQP.L: Quote), the world's fourth-largest primary platinum producer, said it would buy 74 percent of Afarak Platinum for $109.7 million to build up its reserves of the precious metal and cash in on rising prices. Spot platinum prices XPT= gained over 20 percent in 2010 and are expected to continue rising this year as risk aversion and low interest rates boost their allure.

The U.S. Securities and Exchange Commission (SEC) has postponed the adoption of rules governing sourcing of minerals from conflict areas around Central Africa, the SEC said on its website. The regulation, aimed at cutting the flow of money to armed rebels in the Democratic Republic of Congo and neighbouring countries, is part of the Dodd-Frank financial reform bill. The rules were expected to be adopted in April.