Diamond demand, prices set to soar in next decade

The Globe and Mail reports that Canadian one- and two-dollar coins, known as "loonies" and "toonies", will this spring be made from steel, replacing the more expensive nickel they are currently made from:

The Wall Street Journal reports Peru on Friday announced a programme of social and infrastructure investments in its poor Cajamarca region aimed at winning over local protesters who have brought to halt Newmont Mining's $4.8 billion Conga project over environmental concerns.

Caterpillar is building on its Bucyrus acquisition with the recent signing of another contract to deliver an automated longwall coal plow system to Chinese company Gasification Co part of Lvliang Dongyi Group. The system marks the 11th plow system from DBT/Bucyrus/Caterpillar for delivery to Chinese mines. The system will be delivered in the first quarter of 2013 and will go to work in the Xinyan mine in Shanxi province

BHP Billiton, which is developing the huge Jansen potash mine is Saskatchewan, says it will sell its potash independently and not through the Canadian potash marketing agency Canpotex.

Bloomberg reports Chile's state-owned firm Codelco, the world's largest copper producer, plans to invest $5 billion in 2012 on capital projects, more than twice the $2.3 billion it allocated last year. Also on Friday a Santiago court blocked Anglos from selling any more shares in its Sur subsidiary while it battles Codelco over an option to acquire 49% of its Chile operations.

The Australian reports the Queensland government is going after speculative prospecting by what the state treasurer termed two-dollar shell mining companies, slapping the industry with $375 million in additional fees. Under the radical new rules competitive cash-bidding auctions for mining exploration permits will replace the flat $1,030 application fee in force currently.

Patriot Coal was beaten down more than 12% on Friday after announcing it will cut production of coking coal due to weakening global demand.

Mark Hislop, editor of the Calgary Beacon, poses the question many in the oilsands are asking these days as the future of both the Keystone XL pipeline and the Northern Gateway project continue to lack certainty.

Eighty percent of gold company executives expect gold to continue rising in 2012 and peak at $2,000, according to the results of a new survey by PwC.