Gold climbed past the $1,300 mark for first time in five months

BHP Billiton (NYSE: BHP), the world’s largest mining company, expects to increase production at its Escondida copper mine in Chile to over 1.3Mt/y in the 2015 financial year, said CEO Marius Kloppers yesterday in a webcast to discuss fiscal H1 results.

Canadian miner giant Teck Resources (TSX:TCK.B) reported Thursday a record annual profit of $2.7 billion, up by half from 2010, fuelled mainly by higher coal prices.

A northern BC miner has hit the proverbial jackpot.

BHP Billiton may shelve diamond mining for at least two decades to concentrate on larger aspects of its business, CEO Marius Kloppers said today.

Gindalbie Metals has announced the award of the magnetite ore mining contract for the Karara iron ore project in Western Australia to Downer EDI Mining. With a total estimated value of approximately A$570 million over a duration of six years, the contract is one of the largest single operational contracts for the Karara project.

A BAEconomics report, commissioned by Rio Tinto to look into the benefits and costs of autonomous technology, has concluded that investment in mining technology and innovation should sustain long-term competitiveness while also providing the broader economic benefits likely to flow from a strong mining industry. The report, titled Autonomous and remote operation technologies in the mining industry: benefits and costs examines the advances in new technology, showing that while the costs and challenges of automation in the mining sector are substantial, they are potentially far outweighed by the benefits they can deliver.

Rio Tinto is eager to secure a joint venture with the likely new owners of the huge Husab uranium deposit in Namibia.

Lake Shore Gold, an aspiring Canadian mid-tier gold producer, has joined forces with Franco-Nevada Corporation in a $50 million royalty and equity agreement. Both companies are listed on the Toronto and New York exchanges.

Newmont Mining, world number two gold producer, said on Wednesday it has options to spend its capital elsewhere to meet production targets if its $4.8 billion Conga project in Peru does not restart.