Glencore CEO says rivals pushing mining sector into confidence crisis

Orko Silver crashed 34% Thursday on news that Pan American Silver is walking away from Orko's La Preciosa project in Mexico.

Reuters reports that Romania has backed out of a deal to sell its largest state-owned copper mine, Cupru Min Abrud.

Net losses came in at a shade under $10.5 million for the year which as mainly due to what the company termed "administrative costs" that totaled $15.2 million (it was only $800,000 in 2010) in relation to the merger with Century Mining. In the process management's remuneration jumped to $3.9 million from $422,000 the year before.

The source of the surge in mining investment has been quite diverse, reflecting the widespread advance in prices. For 2012, gold leads the way with $3.6 billion of capital spending. But not far behind are copper-nickel-zinc mines at $3 billion, potash at $2.9 billion and iron ore at $2.7 billion as the Labrador Trough is developed.

Indian imports may have tanked over 80% in March and could drop 40% in the second quarter after gold traders and jewelers went on a three week strike over taxes.

June gold contracts ended the holiday shortened week at $1,632 an ounce, but the end of Indian strike and disappointing news out on Friday – a day the markets were closed and could not react – about job growth in the US should provide stimulus for renewed interest in the yellow metal.

The price of gold averaged $1,571 an ounce in 2011 meaning the South East Asian country missed out on $1,7 billion in potential revenue.

Reality show producers, who have made shows about ice road trucking and underground coal mining in Virginia and underwater gold miners that work the waters off Nome, Alaska are now turning their attention to one of mining’s last frontiers.

The world's number one diamond miner does not seem to be in need of cash. Too bad, direct exposure to diamonds has always been hard to come by and the diamond business' fundamentals continue to improve.