Gold price: 9 straight years of record annual mine production

Proactiveinvestors reports Regency Mines announced on Wednesday that its drilling work is continuing on the Mambare nickel joint venture in Papua New Guinea, but that visa delays may impact the planned work programme. The company said that the delays, caused in part by political uncertainty surrounding the appointment of a new government, could restrict the scale of the drilling programme. Papua New Guinea last week swore in a new PM and cabinet sweeping aside the old guard ahead of general elections next year.

The ban on iron ore exported from the state of Karnataka is having downstream effects on the supply of Indian steel, according to a story today in The Hindu Business Line. Quoting sources in the Bellary-Hospet region, the website says before the export of iron ore was banned in Karnataka in 2009, the state was producing about 42 million tonnes of iron ore and exporting 28 million tonnes. The following year, after the ban was implemented, 33.6 mt was produced, of which only 7.4 million tonnes was exported. But if all the iron ore pellets were used for sponge iron, pig iron and steelmaking, 41 million tonnes or iron ore would be required, or 33 million tonnes if the mills run at 80% capacity, leaving a significant supply shortfall, Hindu Business Line explains.

India Globalization Capital, Inc. (NYSE Amex: IGC), a company competing in the rapidly growing materials and infrastructure industry in India, announced that it has closed on a strategic partnership agreement to provide iron ore to Chinese steel mills.

Platts reported that Israel Chemicals (TLV:ICL) will supply potash to an Indian company for eight months.

Newmont Nusa Tenggara, a unit of US miner Newmont Mining Corp , said on Sunday there had been no significant impact on production from several days of protests at its Indonesian copper and gold mine. Local authorities have dispersed the protesters who since Aug. 2 had been blocking access and disrupting operations at the Batu Hijau copper and gold mine in the island of West Sumbawa. Newmont also plans to review its job application process, which had been the focus of the protests. Batu Hijau aims to produce around 275 million pounds of copper and 275,000 ounces of gold in 2011.

The price of gold zoomed to an all-time high of Rs24,770 per 10 grams by adding Rs420 in New Delhi, India on Saturday on frantic buying by stockists and investors. India is the world's number one consumer of gold and official figures released on Friday show the country's revenue from the importation of gold almost doubled in 2010-11 compared to the previous year. The news follows the announcement by the World Gold Council that it is teaming up with jewellers to sell discounted gold to price-conscious Indians during the all-important Shraavan Aavani month that culminates in a festival next Friday.

Sesa Goa, a subsidiary of Vedanta Resources, on Saturday said it will buy 51% stake in an iron ore making firm in Liberia for $90 million in an all-cash deal. Located in Western part of Liberia and spread over 270 sq km area, the company has an estimated reserve of over 1.05 billion tonnes iron ore. Vedanta's investment follows iron ore giant ArcelorMittal which after five years of ground work started operations at the country's Tokadeh mine earlier this year and is spending $800 million in the first phase of the project to rehabilitate the rail link and port. ArcelorMittal exported the first iron ore from Liberia after a 20 year hiatus on June 11 from the port of Buchanan.

Green Car Congress reports Rio Tinto has signed a deal with with the India's Jindal Steel and Power, part of the $15 billion Jindal group, to develop and commercialize the HIsmelt direct smelting technology. The existing plant in Australia, shuttered by Rio Tinto in 2009 because of depressed pig iron prices, will be relocated to India. HIsmelt, short for high-intensity smelting, is the first commercial direct smelting process for making iron straight from ore. The technology smelts iron ore fines directly using non-coking coals, and provides environmental benefits over traditional ironmaking as it removes the need for coke ovens and sinter plants.

Russia's Uralkali, who together with Belaruskali and North-American producers represented by Canpotex, control almost 60% of world production, said on Thursday its trading company raised prices for India by 32%. Uralkali's export arm will supply 1.2 million tonnes to India at $490/tonne (up from $370/tonne) through the end of March 2012. On Wednesday arduous negotiations between Canpotex and India ended in a two-step deal that increases the export price to $470/tonne for the fourth quarter and adding another $60/tonne next year. India has some 55 million small farmers and is the world's number one importer at over 6 million tonnes per year.