Russian diamond miner Alrosa wants controlling stake to mine in Zimbabwe

Mining Review reports the decision last week to allow Zimbabwe to resume diamond exports from the controversial Chiadzwa and Marange alluvial fields is being questioned, after the country's mines minister admitted on Thursday that smuggling was still rife. The comments are in stark contrast to his previous insistence that the country's diamond industry was meeting international trade standards. Zimbabwe is set to earn over $2 billion per year from exports with current diamond output estimated to be in excess of 25% of world production. Rough diamond prices have dropped by more than 10% over the last two months and is set to fall further as the first Marange diamonds come onto the market by the end of this month.

Diavik Diamond Mines (DDMI) wants to harness the wind to help extract diamonds from beneath the earth. The company — which operates the huge Diavik operation in the Canadian Arctic through a joint venture between DDMI, Rio Tinto (LON:RIO) and Harry Winston Diamond Limited Partnership (TSE:HW)— said earlier this week it has begun constructing a wind farm at the mine to supplement diesel power.

Despite a pre-feasibility study packed with good news and an ever-louder drumbeat suggesting an imminent takeout, Western Potash sank 6.67% on Wednesday, a day the broader market managed to keep losses to less than 3%. Western Potash said on Monday it is upping the projected capacity of the Milestone project by 12% to 2.8 million tonnes per year and surprised by lowering its capex and opex cost projections. Scotia Capital commented that state-owned entities from Brazil, India and China could be interested in Western Potash to secure supply outside of Canpotex and Russian producers which together control around 57% of global supply.

A proposed coal mine near Hudson's Hope, BC, got a billion-dollar shot in the arm today. The BC government reports that CKD Mines, which is developing the Gething metallurgical coal project, will receive $1.36 billion through two separate investments coming from Chinese companies — the first, $860 million, is from CKD Mines, a partnership formed in 2010 that includes the Kailuan Group Co., Ltd, Shougang Group and Canadian Dehua International Mines Group Inc.

Fortune Minerals (TSE:FT), the Ontario company behind a huge anthracite coal project in BC, has signed a cooperation agreement with a native group for its NICO gold--bismuth-copper project in the Northwest Territories, Canada. "The signing of this agreement expands on our existing long-term relationship with the Tlicho Government and the Tlicho people", said Fortune Minerals President Robin Goad. "The agreement lays the foundation for discussions on fundamental topics of interest such as the possible environmental and cultural impacts of the NICO Project on Tlicho owned lands."

In the last month Bear Creek's stock (CVE:BCM) has gained 23% to $5.06 a share in anticipation of the company's feasibility study for the Corani silver-lead-zinc deposit. The company says that the study will be released in early November. The pre-feasibility study said that the Corani project could produced up to 10 million ounces of silver per year. "Additionally, the Corani project is well endowed with both lead and zinc, so by-product credits will result in low or negative cash costs per ounce of silver," stated the company.

CALGARY, ALBERTA--(Marketwire - Nov. 9, 2011) - Gold Royalties Corporation is pleased to announce that it has signed a binding letter agreement with Strategic Metals Ltd. (TSX-V: SMD) ("Strategic"). Under the terms of the letter agreement, Gold Royalties Corporation will acquire Strategic's net smelter royalty interests (the "Royalty Interests") in the Kink 3 mineral claim and the Northern Dancer tungsten-molybdenum property for $13.8 million, less any royalties earned on the Royalty Interests up to the closing date for the sale. "Having recently announced our expansion into Yukon with the acquisition of a royalty interest on the highly prospective Blende silver-zinc-lead deposit, Gold Royalties Corporation is very pleased to have reached this agreement with Strategic to add further high-quality Yukon mining royalties to our company. Combined with our existing royalty interests in Canada, we remain committed to the execution of our acquisition-focused business model and to our continued growth as an emerging royalty holder on mineral ore bodies in Canada," said Ryan Kalt, President of Gold Royalties Corporation.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2011) - Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) ("Silvercorp" or the "Company") today announced that its Board of Directors has increased the amount of its quarterly dividend by 25%, from CAD$0.02 per share (CAD$0.08 annualized) to CAD$0.025 per share (CAD$0.10 annualized). The Company first began paying dividends in 2007 with an annual dividend of $0.05.

Silvercorp Metals on Tuesday reported revenue of $62.1 million for its second quarter, up 71% from the same period last year. Cash flow from operations hit a record $35.2 million, or $0.20 per share, up 140% from 2011 while net income of $18.5 million, or $0.11 per share, showed a 49% increase. Silver production of 1.4 million ounces rose a disappointing 4% but gold production shot up to 2,516 ounces. Silvercorp said it continues to maintain its low cost producer status with a cash production cost per ounce of silver of negative $4.55.