Russia’s Alrosa, China’s Anjin to dig for diamonds in Zimbabwe

Capstone Mining announced the result of a National Instrument 43-101 compliant mineral resource estimate for the Wildfire/Copper Keel area at the Minto Mine in Yukon, Canada. Wildfire/Copper Keel is now recognized as a southeastwardly extension of the Area 2/118 deposit which is currently being pre-stripped in preparation for mining. The combined Area 2/118/Copper Keel/Wildfire mineral resources are now recognized as a single mineral deposit and will be referred to as the Minto South Deposit ("MSD"). The Copper Keel region of this larger deposit model is still open and exploration drilling is currently in progress with two drills. Image of Minto mine from Capstone Mining.

A Conference Board of Canada report says high energy and metals prices "are prompting resource companies to invest billions in iron ore projects, nickel processing and offshore oil developments" in Newfoundland and Labrador, generating the largest growth in real GDP this year of all the Canadian provinces." The board's Provincial Outlook - Spring 2011 report issued Wednesday also forecasts that Saskatchewan "will benefit from tax breaks and a hot mining industry."

Commissioning and start-up of Canada’s first gearless mill drive (GMD) system has been completed at Osisko Mining Corp’s Malarctic project and will increase production capacity at the mine. The system was commissioned by ABB, a leading power and automation technology group. Image of the Malarctic mine by Osisko Mining

Chief operating officer of Alacer Gold Corporation Louw Smith told the Resources and Energy Symposium in the Australian mining city of Broken Hill that there were growth developments at both the company's operations in Western Australia and in Turkey.

The Israeli Diamond Industry website reports the governor of Zimababwe's central bank is proposing that the country sell its diamonds to fund a gold-backed currency to replace the defunct Zimbabwean dollar, which was suspended due to hyperinflation. The Antwerp-based Diamond High Council estimates that Zimbabwe will become the largest producer of diamond in the world by 2013, with an expected volume of 40m carats per year worth some $2bn annually from the rich deposits in Marange. Zimbabwe is currently the subject of an international ban on the export of its diamonds.

Canadian gold miner Kirkland Lake Gold Inc said its quarterly gold production rose 56 percent. Quarterly gold production rose to 23,466 ounces, from 14,995 ounces, a year earlier. The Ontario-based company said it produced a record 10,175 ounces of gold for the month of April. Image by Kirkland Lake Gold

According to testimony before the US Congress concerning the construction of the $7bn Keystone XL pipeline extension from Alberta to Texas, crude produced by Canada’s oil sands, which represent just over half the country’s total production, has already surpassed the total volume of imports from the US number two supplier Mexico. Since 2000 Canada’s oil sands output has more than doubled: from 600,000 barrels to about 1.5m barrels per day in 2010. Canada supplies 2m barrels per day or 22% of US crude oil imports, up from 15% a decade earlier. The sands’ 175bn barrels of recoverable oil places Canadian oil reserves third in the world behind Saudi Arabia and Venezuela.

The investment will allow ArcelorMittal Mines Canada to increase its annual production of iron ore concentrate from 14 million tons to 24 million tons by 2013. AMMC is also evaluating increasing its production of iron ore pellets from 9.2 million tons to 18.5 million tons. The scheme represents a total investment of CAN$2.1 billion dollars that will create 8,000 jobs during construction and more than 900 permanent jobs once completed. Commenting, Peter Kukielski, Member of the Group Management Board and Head of Mining for ArcelorMittal, said “ArcelorMittal Mines Canada is a flagship mining asset for the Group, which offers considerable opportunity for expansion. We have already announced our intention to grow our iron ore production to 100 million tons by 2015 and this expansion forms an important part of that.”

Harry Winston Diamond Corporation (TSX:HW) (NYSE:HWD) (the "Company") is pleased to announce that it has entered into a business relationship with Diamond Asset Advisors AG ("DAA") who are in the process of establishing a polished diamond investment fund. The fund will be structured as a limited partnership, of up to US$250 million, offering institutional investors direct exposure to the wholesale market price of polished diamonds. Under the terms of the Company's arrangements with the fund, the Company's expert diamond team will source diamonds that have the same high quality characteristics that Harry Winston uses in its jewelry and timepieces, with a portion coming from the Company's existing inventory.