Northern Star raises funds to buy gold mine in Alaska

The Australian quotes a Rio Tinto spokesman on Wednesday saying the discovery of a species of freshwater crab and a never before recorded shrimp near its Weipa mine would not be threatened by a planned bauxite expansion, but environmental protesters could still scupper the $900 million project. Rio Tinto, the world's number two miner, found a total of six species of crustacean including the new crab, which is about the size of a quarter, as part of its environmental impact study. It is now up to Australia state and federal governments to assess the findings.

A dispute in the north of New Caledonia has stopped the export of nickel ore from the SMSP site to its South Korean partner, Posco. Members of the Kaala-Gomen tribe claim that the United Nations Declaration on the Rights of Indigenous Peoples provides for them to have a share of the profit drawn from mining.

Vista Gold (AMEX:VGZ) had no comment on why its share price jumped on Monday. Shares were up from $3.70 on Friday to $4.41 by the end of Monday, a 19% gain. "Vista Gold Corp. ("Vista" or the "Company") (TSX & NYSE Amex Equities: VGZ) announced today that as a result of unusual market activity in the Company's common shares on September 12, 2011, the NYSE Amex contacted the Company in accordance with the NYSE Amex's usual practice and requested that the Company issue a public statement regarding the unusual market activity. The Company states that its policy is not to comment on unusual market activity," said the company in a news release.

Chinese business leaders have warned of an investment strike over a decision by Treasurer Wayne Swan to impose a two-stage foreign approval process for resource exploration and mining.

The Australian reports BHP Mitsubishi's decision to bypass a thoroughly resistant troika of unions by seeking a direct employee ballot on a new three-year enterprise agreement takes the world's number one miner into deeply uncharted industrial relations waters. The move comes after nine months of fruitless negotiations and 11 different offers – including annual pay rises of 5% and a $15,000 bonus – all of which were rejected by the unions which will now resume strikes. The six mines operated by BHP Mistubishi have a combined output capacity of more than 58 million tonnes per year of mostly metallurgical coal, representing about a fifth of annual global trade.

Asian and Australian markets were down on Monday. The Shanghai Stock Exchange was down -0.03%; the Nikkei tumbled -2.31% and the Hang Seng Index fell -4.21%. The S&P ASX 200 was also down by -3.72%. Commodities were all down due to worries about the Euro Zone crisis and concern about sluggish worldwide growth. Copper was off -1.8% to US$8,665/ton.

Resource Capital Research, which posted its September Quarter RCR Uranium Sector Review, says that buying opportunities will emerge in the uranium sector in the fourth quarter of 2011 and early 2012. "Despite the ongoing short term market impacts from Fukushima, the long term uranium market fundamentals are considered sound with expected strong and increasing demand for new nuclear power reactors, especially from China, USA, Russia, Ukraine and India," writes the reports authors. Resource Capital Research notes that 84 new nuclear power reactors are expected to be commissioned globally by 2017, and currently almost 500 plants are being considered.

Rio Tinto will invest US$310 million to assure a sustainable water supply for its iron ore operations in the Pilbara region of Western Australia, ensuring a sufficient resource to accommodate the expansion of annual production capacity up to the planned 333 million tonnes (Mt/a). The coastal water supply project, which involves construction of a new borefield and pipeline system, will be completed by mid-2013, coinciding with the first ore from the planned increase in production capacity to 283 Mt/a.

Billionaire iron ore heiress Gina Rinehart is being sued in the NSW Supreme Court by her daughter, Hope Welker. The nature of Welker’s claim is currently unknown, and Rinehart’s legal team is seeking to keep the matter confidential. Rinehart’s barrister, Alan Sullivan, QC, told the court the application had been made because of “the impact on commercial negotiations”.