Codelco pre-tax profits down despite output increase

Newt Gingrich, presidential aspirant in the current Republican contest, wants to see a permanent moon base established by the second term of his presidency that could be used for space tourism and mining ventures.

The meltdown at the Fukushima Daiichi nuclear plant last March had uranium investors fleeing for the exits. While the nuclear fuel used to make yellowcake had enjoyed something of a renaissance (after tanking in 2008-09 due to the financial crisis) in the runup to the earthquake and tsunami that rocked Japan, all that changed in the aftermath of the quake.

Photographer Martin Foskett spliced together a video of mining equipment accidents. Apart from the maudlin and rather depressing soundtrack, the video makes for an interesting diversion and a reminder that when thing go wrong with mining equipment, they really go wrong.

Tiny Oman, the Sultanate perched on the southeast tip of the Arabian peninsula, is setting up for a quantum leap in mining, the Oman Daily Observer reports in an article published Saturday.

Bloomberg reports gold traders are upbeat about the prospects for the gold price for the fourth week in a row after the Fed's interest rate move gave gold the best start to a year since 1980. Gold has risen 10% since the start of the year, rebounding from the first quarterly decline in three years and scaling the $1,700 an ounce level for the first time since December 9.

Global supplies of rare earth elements have been threatened ever since China imposed export quotas in mid-2010. In the aftermath, increased attention was drawn to potential producers like MolyCorp and Lynas Corporation, while the sector was viewed in need of a savior outside of China. Among the juniors aiming to join the fray, Medallion Resources has proposed a unique strategy to gain low-cost production in the very near term.

On the last day of Roundup, Vancouver's mining showcase, Sandy Chim CEO of Canada's Century Iron Mines, flashed a few slides about China, India and the iron ore market that would make gold bugs green with envy.

Teck Resources Limited ("Teck") and BASF SE announced at the World Economic Forum today that they have signed a three year agreement to jointly develop innovative and affordable zinc fortification and supplementation solutions, with the goal of reducing zinc deficiency among 100 million people in developing countries by 2015.

US coal giant Peabody Energy posted its best-ever performance in 2011, with revenues increasing 18% to $7.97 billion and operating profit rising by the same percentage to $1.59 billion.