PhotoSat Measuring Volume of Mount Polley Mine Tailings Spill from Space

According to a new survey by esure home insurance British distrust of banks and savings accounts has increased to such an extent that more than one in ten in the United Kingdom now own a stash of gold valued above any cash savings. According to the survey, more than 38% of Britons also say investing in gold is better than keeping cash savings. As gold vending machines pop up in shopping malls and physical gold retailers like London-based Bullionvault surpass some central banks in gold holdings, 14% of Britons bought an item of gold as an investment in the past year.

2Merkato reports the Ethiopian Ministry of Mines announced that five international companies have invested $6.5 billion in the Ethiopia potash mining industry which is centred in the Dalol area, part of the Danakil Depression (pictured). The five companies are G&B Central Africa Resource, Saynic Potash, Nova Potash, BHP Billiton and Toronto-listed Allana Potash. Allana has the backing of the World Bank and on Monday the company announced the latest in a string of high-grade discoveries at its 160 square km land position at Dalol.

Bill O'Reilly, the talk show host on Fox, believes Keystone is going to be approved, and it will be good the U.S. O'Reilly made the comments during an interview with talk radio host Charles Adler, which will run later this week. O'Reilly is a leading news commentator on the U.S. cable network Fox News. He is watched by four million people each day.

Microcap Canadian explorer Apogee Silver jumped 10% on Wednesday after announcing indicated silver resources at its Pulacayo Deposit in southwestern Bolivia had increased 133%. More than seven times the usual number of shares changed hands on Wednesday bringing the firm's market cap on the Toronto Venture exchange to just under $50 million. Apogee said the Pulacayo silver-lead-zinc deposit has 29.34 million ounces of indicated silver resource and 26.24 million ounces of inferred silver resource.

Rio Tinto (LON:RIO ) is expanding its presence in Canada with an all-cash offer to acquire Hathor Exploration (TSE:HAT), which owns the Roughrider uranium deposit in Saskatchewan. The global mining giant announced today a $4.15 per share, all-cash bid for Hathor valued at $578 million. The bid is 11% higher than Cameco's $3.75 per share hostile bid for Hathor announced last month. It is the first bid for a Canadian company that Rio has made since acquiring Alcan in 2007. "The superior Rio Tinto offer provided fair value to Hathor shareholders over Cameco's current hostile, unsolicited takeover over," said Hathor chief executive officer Dr. Michael H. Gunning.

Agnico-Eagle Mines (TSE:AEM) had suspended mining and gold production at its Goldex mine in Val d'Or, Quebec, due to unstable ground and water inflow. "A weak volcanic rock unit in the hanging wall of the Goldex deposit has failed. This rock failure is thought to extend between the top of the deposit and surface. As a result, this structure has allowed ground water to flow into the mine. This water flow has likely contributed to further weakening and movement of the rock mass," Agnico-Eagle said in a statement. As a result of the problem, Agnico said it will write off its investment in Goldex, resulting in a $260 million charge in the third quarter results. The news caused the Toronto-based company's shares to plummet around 19% near the close of trading on Wednesday.

BHP Billiton (NYSE:BHP) had a record quarter for iron ore production, the company announced today, with shipments from Western Australia reaching 173 million tonnes, a 28% increase over the same period last year. Quarterly production records were also achieved at New South Wales Energy Coal and Illawarra Coal in both Australia, Cerrejon Coal in Colombia, and the Alumar refinery in Brazil.

Buffeted by falling copper prices and labour unrest at Grasberg, Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) reported net income of $1.1 billion, $1.10 per share, compared with $1.2 billion, $1.24 per share duing the same quarter a year ago. Consolidated copper, gold and molybdenum production in the third quarter were all down compared to a year ago. Freeport sold 947 million pounds of copper, 409 thousand ounces of gold and 19 million pounds of molybdenum, compared with 1.1 billion pounds of copper, 497 thousand ounces of gold and 17 million pounds of molybdenum in the third-quarter of 2010. Regarding Grasberg Mine operations, Freeport said the impact of the eight-day strike in July 2011 and the ongoing strike, which started in September 2011, totaled about 70 million pounds of copper and 100 thousand ounces of gold. The strike has recently turned ugly with reports of sabotage and injuries.

U.S. Rep. Mike Coffman (R-CO), who sits on the House Armed Services Committee, is pushing the US Department of Defense for the establishment of a national inventory of rare earth materials. “I support the procurement of such high-demand, at-risk rare earth materials to help fulfill Department of Defense (DOD) requirements and therefore reduce supply-chain vulnerability. By using the Annual Materials Plans as a vehicle, the Department can identify critical rare earth oxides, alloys, metals, or magnets, depending on what best suits DOD’s needs, and then fulfill a portion or the entirety of the associated requirements,” Coffman wrote in a letter to Ronnie Favors, the administrator of the DLA Strategic Materials.