ArcelorMittal coal miners widen strike in Kazakhstan

Teck Resources provided an update today to its coal guidance for the second quarter. As a result of the February earthquake and tsunami in Japan, some of Teck's coal customers have deferred shipments due to reduced steel production requirements and Teck now expects coal sales in the second quarter at the low end of its previously announced guidance range of 5.5 to 6.0 million tonnes.

The import of gold and silver by India has risen by a whopping 222% between April and May 2011, as compared to a year ago. In the month of May alone, imports were a staggering $9 billion, with gold demand growing 25%. "Even as inflation and a widening trade deficit to $15 billion in May continues to weigh on the minds of Indian investors, the demand for fresh gold has continued to grow."

Mongolia may share its Tavan Tolgoi coal mining project between a majority of the six bidders shortlisted by the government and ask them to work together, Prime Minister Sukhbaatar Batbold told Bloomberg in an interview adding that the final decision is “very close.” Coal production in Mongolia doubled last year to become the nation’s top export earner, spurring the government to push through development of one of the world’s biggest unexploited deposits of the mineral. Peabody Energy Corp., a Shenhua Group Corp.-Mitsui & Co. venture, Vale SA, a Russia-Japan-South Korea group, ArcelorMittal, and Xstrata Plc were all shortlisted.

The Hindustan Times reports three people were feared killed while seven others were rescued in a major mining accident in Goa's Sanvordem town, officials said on Saturday. The 10 people got trapped under debris when an unstable tailing stack -- a huge heap of aluminium and silica impurities extracted along with iron ore - gave way due to heavy monsoon showers.

India's Tata Steel on Thursday agreed to sell its 26 percent stake in Australia's Riversdale to Rio Tinto for $1.1 billion, giving the Anglo-Australian giant full control of the coal miner. Tata, the world's No 7 steelmaker, will sell shares in an open offer at A$16.5 each. Riversdale shares closed little changed at A$16.50 in Sydney on Thursday before Tata Steel's announcement.

SW Radio Africa news reports India has raised concerns as Russia is set to join China in moves to control diamond mining in Zimbabwe, with the Federation’s state diamond group Gokhran seeking a license to mine at the controversial Chiadzwa fields. China already has two companies operating there in partnership with Zimbabwe’s state diamond firm. Zimbabwe is set to become the world's leading producer, with an expected volume of 40m carats per year worth some $2bn annually from the rich deposits in Chiadzwa and Marange. The troubled country, emerging from years of hyperinflation and political turmoil, is however barred from selling diamonds because of alleged human rights violations and has built up a stockpile worth $4bn–$5bn.

Rising inflation in China and India's tenth interest rate hike since March 2010, is set to take a toll on consumers preference for the yellow metal, according to analysts and traders. ``Gold and silver will surely get pummelled in the near term with signs of a stronger US dollar and yet another rate hike in India. Investors have very little savings these days and prefer not to invest in gold,'' said Manoj Maheswari, bullion analyst at a brokerage firm here.

PNG Gold Corporation outlined its exploration, development and financing plans for the Imwauna project, Normanby Island, Milne Bay Province, Papua New Guinea. The property contains numerous vein systems that outcrop at surface. The main vein system discovered to date - the Imwauna vein system - hosts high grade, low sulphidation, near-surface epithermal gold-silver mineralization.

New Delhi, June 14 (PTI) Coal Minister Sriprakash Jaiswal has invited Czech Republic firms to invest in the coal sector in India.