Vitol, Trafigura to bid for coal mines once owned by Guptas

Miner Lonmin LMIJ.J (LMI.L: Quote) said on Friday that there was unspecified industrial action taking place at its Marikana operations in South Africa by members of the National Union of Mineworkers (NUM). "Lonmin announced today that it is currently experiencing unprotected industrial action by NUM members at the Karee operations of its Marikana operations. As a result, production at Karee has been disrupted since the night shift of Tuesday 17th May," it said in a statement.

The ITRI reports that the Democratic Republic of Congo (DRC) government has withdrawn its troops from the Bisie mine, which has until recently been the largest tin mining operation in the country. The Wall Street Journal reported that military units have been withdrawing from the mine over the past six weeks to allow the North Kivu provincial mining department to assume control of the mine.

Mitchell Adam, President and CEO of Vancouver-based Pan Terra Industries announced on Thursday it has entered into a deal to acquire 80% of Namibia’s Congo Namibia Trading, a private gold and copper exploration company. Under Thursday's letter of intent, TSX-Venture listed Pan Terra will pay C$300,000 in cash and issue 3m shares as well as 3m share purchase warrants priced at C$0.73. Congo Namibia Trading holds 100% interest in five exclusive prospecting licenses in the Tsumeb Copper Belt in Namibia as well the rights to acquire 51% stake in an Angolan and a Zimbabwean gold joint venture.

Reforms by Guinea's first freely elected government are needed to clean up a mining sector in disarray after decades of political turmoil, but they risk scaring off investors if they go too far too fast. The world's top bauxite supplier and a new frontier for iron ore, Guinea is rewriting its mining code, probing joint venture deals, and has dealt tough blows to major firms since the election of President Alpha Conde last November.

During 2010, London- and Johannesburg-listed Central Rand Gold (CRG) produced 9,321 ounces of gold. This is the company that categorically stated in its 2007 annual report that it is "intended that CRG will begin gold production in early 2009 at an annualized rate of 100,000 ounces. This production rate is forecast to increase to around one million ounces a year by 2012."

Amid growing interest in bullion as a hedge against the dollar and inflation and a renewed rally in gold and precious metals prices, Christian Science Monitor, documents gold’s journey around the globe in a fascinating and extensive photo-essay.

Caledonia Mining increased gold production by 17% and nearly doubled its profit to $5,248,000 compared to $2,815,000 in the fourth quarter 2010. Announcing its Q1 results on Wednesday, the company also said that its average cash cost per ounce of gold produced decreased by 18% to US$648 compared to the fourth quarter 2010. As of March 31, 2011 the company had net cash and cash equivalents of $1,406,000.

Preliminary metallurgical test work was conducted on a composite sample of the haematitic saprolite ore from the Nkout Centre area of the deposit. The sample consisted of drill hole intersections from the central part of the deposit and had a head grade of 43.6% Fe. The aim of the test work was to determine the potential to produce a suitable blast furnace feed. The test work was conducted at SGS Mineral Services, Truro, UK.

Newcrest Mining , one of the world's biggest listed gold miners, expects to resume gold production at its Bonikro mine in the Ivory Coast after a stabilisation of political and security situation in the country, it said on Tuesday. The miner said the production impact had been around 8,000 ounces of gold per month. Newcrest suspended operations at Bonikro in late March.