Liebherr’s mining division sees turnover dip

African Iron's board has recommended shareholders accept a $338 million takeover offer from Exxaro first announced on Jan. 11, The Australian reports:

Originally touted as a 'model of successful resource diplomacy' Korea's successful 2010 bid for a diamond project in Cameroon now appears to have been an elaborate scheme that netted company insiders and senior government officials at least $70 million in stock trading profits.

As attractive deposits become harder and harder to find in traditional markets miners are pushing the limits of the political risk they are willing to take on. But things can go spectacularly wrong.

IDEX News reports BHP Billiton's Ekati diamond mine produced 481,000 carats in the last quarter of 2011, a 29% decline compared to a year ago. 80%-owner BHP Billiton wants to sell the mine, but Ekati could fetch only $300 million to $500 million a new report shows.

A Canadian oilsands company, Sunshine Oilsands, is turning to the Hong Kong stock exhange in hopes of raising between $500 million and $700 million through an IPO.

Quadra FNX Mining (TSX:QUX) has updated the resource at its Victoria Mine in Ontario, Canada.

The Summit mine in southwest New Mexico is ramping up to commercial production this month.

The Calagary Herald tracked down Shane McClure, a gemologist, for his opinion of the world's largest emerald that is being auctioned in Kelowna this month, and McClure is wondering if the emerald is actually dyed beryl, a mineral that is relatively worthless.

Freeport-McMoRan (NYSE:FCX), which operates the world's largest gold and copper mine in Papua, Indonesia, said that its 4Q net income tumbled to $640 million or 67 cents per share compared with net income of $1.5 billion or $1.63 per share a year ago.