Russia wants to join Luxembourg in space mining

Potash Corporation of Saskatchewan reported record second-quarter earnings of $0.96 per share or $840 million—the second-highest total for any quarter in the company's history and 81 percent above the $0.53 per share ($480 million) earned in the same period last year. Despite volatility in commodity markets, Potash Corporation of Saskatchewan said that crop economics remained attractive throughout the second quarter, giving farmers the incentive to improve nutrient applications, which resulted in rising fertilizer demand and pricing.

Barrick, the word's number one gold miner, reported net earnings for Q2 rose 35% to $1.2 billion ($1.16 per share) from $859 million in the prior year period. Q2 adjusted net earnings increased 36% to a record $1.1 billion ($1.12 per share)1 from $824 million ($0.84 per share) in Q2 2010, reflecting higher realized gold and copper prices and higher gold sales volumes, resulting in an annualized return on equity of about 21%. The company is on track to meet its 2011 operating guidance of 7.6-8.0 million ounces at total cash costs of $450-$480 per ounce and lower expected net cash costs of $290-$320 per ounce

The Province of Alberta and Swan Hills Synfuels are advancing a clean gas for clean power project that will dramatically reduce emissions by capturing and sequestering over 1.3 million tonnes per year of CO2. The province has executed a letter of intent with Swan Hills Synfuels to provide a $285 million grant in support of this carbon capture and storage project.

Vanderhoof, a small community in northern British Columbia, has been told to expect a gold mine on its doorstep within 6 years. New Gold President and CEO Bob Gallagher paid a visit to Vandherhoof town council on July 20, telling local politicians the Blackwater gold mine should be up and running by 2017.

Goldcorp, the world's second largest gold miner, saw revenues increase by 62% over the 2010 second quarter, to $1.3 billion, on gold sales of 606,400 ounces. However, flooding, forest fires and problem equipment caused production to slip at some of the company's mines. Goldcorp downgraded its total expected gold production by six percent, from between 2.65 million and 2.75 million ounces to between 2.50 million and 2.55 million ounces.

Despite a flurry of mergers and acquisitions and a robust IPO market reports out on Wednesday suggest that fear is slowly replacing greed in the mining finance business. The Financial Post reports for investment bankers, the low-hanging fruit is long gone and the biggest financings are now high-risk: gold juniors in Africa, coal in Colombia and an infamous Quebec lithium play that overstated its resource. Global Mining Finance's July round-up says untrustworthy financial and resource reporting, threats of new royalty regimes, "super-profit" and carbon taxes, political turmoil, strikes and government takeovers are worrying resource investors all around the world.

The Zimbabwean reports Angloplat, the world's number one producer said it was optimistic about coming to an agreement with the Zimbabwean government over its Unki mine and Aquarius Platinum's record quarter was thanks to the performance of its Mimosa mine in Zimbabwe amid continuing talks. The government of Zimbabwe, the country with the largest platinum reserves outside number one producer South Africa, is demanding 51% of all foreign-owned mines operating in the country under its so-called indigenisation laws.

Spot potash prices for the standard grade leaving the port of Vancouver rose from $445 per tonne in May to $481 in June and $490 in July and is up US$111 since December according to the Scotiabank Commodity Price Index out on Wednesday. Scotiabank also said Canpotex, the marketing agent for Western Canada's three potash producers, is virtually sold out for the third quarter this year and a third price increase this year of $30 to $40 is likely.

Canadian Oil Sands Corp., which holds the largest stake in the massive Syncrude oilsands mine north of Fort McMurray, Alta., said Tuesday its second-quarter profits rose on the back of strong oil prices. Net income for the three months ended June 30 was $346 million, or 71 cents per share _ missing the average analyst estimate of 73 cents per share, according to Thomson Reuters.