Russia stashes 55 tonnes of gold in Switzerland

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.

Reuters reports spot iron ore was trading close to seven-week highs after a cyclone closed down the world's largest export terminal in Australia and heavy rains in three Brazilian states halted Vale's shipments.

AFP reports about 500 protesters blocked a coal train line in Mozambique in a dispute with Vale over housing.

South Africa’s black-controlled diversified mining company Exxaro Resources is putting the Republic of Congo (RoC) on the map as a new African iron-ore development frontier with its R3-billion (A$338-million) cash takeover offer of African Iron.