This $2 million red diamond is the hero in Rio’s annual tender

IDEX Online News reports the rough diamond market is in a rut and demand for rough is so limited, that traders are not buying goods, even if offered at 12 or even 13 percent below what DTC's roughly 80 selected clients – called Sightholders – paid for at last week's Sight. Traders cannot move it, and manufacturers claim that with the current decline in polished prices they will lose money. IDEX says from a low cost supplier, DTC – the rough diamond sales and distribution arm of De Beers – has ascended to the pricier side of the list, alongside Russia's Alrosa. Many lots also went unsold at BHP Billiton's latest tender and Diamdel's auction, with bids falling short of the reserve prices.

Brazil is offering a carrot to encourage domestic production of fertilizer while at the same time, reaching a little deeper into the pockets of iron ore miners. A Mining Ministry official from the South American powerhouse said Thursday that Brazil plans to boost taxes on iron ore while cutting the levy on fertilizers as part of a plan to overhaul mining regulations, Bloomberg reported: The government is studying a plan to double the royalty on iron ore to 4 percent of gross revenue from 2 percent of net sales now, Claudio Scliar, the ministry’s secretary for geology and mining, said today in an interview. The levy on fertilizers may be reduced from 3 percent to prompt producers to increase domestic output of the crop nutrients, he said, declining to specify the size of the cut.

Reuters reports that Albania is inviting bids for 151 mining licences this year, with 20 of them to be allocated through weekly competitions.

Reuters reports copper rose to its highest in nearly a week on Thursday to close at $7,225/tonne on the LME up from Wednesday's close of $6,820 as US data hinted at an improvement in the labour market and European policymakers' comments on dealing with Greece's debt crisis calmed nerves. Copper's strong gains comes at a time when some 5,000 merchants are gathering in the British capital for London Metal Exchange week, an annual event during which supply contracts are discussed. On Monday the red metal fell to 14-month low.

AFP reports a blue-and-white Ming vase fetched nearly $22 million in Hong Kong on Wednesday, setting a new record at auction for porcelain from the 15th century Chinese dynasty. The vase went for more than double the lower pre-sale estimate, but at Sotheby's jewels and jadeite auction held at the same time the 9.27-carat Golconda Pink diamond with an estimate of $13 million – $19 million went unsold. Hong Kong is now the world's third-largest auction centre after New York and London, thanks to China's rapidly growing number of millionaires.

Shares in London-listed Antofagasta, the copper giant controlled by Chile’s Luksic family, jumped 7% in afternoon trade on the FTSE, one of the best performers on a good day for miners. CEO Marcelo Awad earlier told Dow Jones Newswires the slump in copper prices in the last few weeks is a market overreaction and it hadn't seen any of its customers cancel or delay shipments. Copper has slumped over 30% since peaking at an all-time high of $10,190/tonne in February and Awad added that European customers of Antofagasta – after Thursday's move upward worth £10 billion again – are nevertheless reluctant to commit to 2012 orders thanks to all the uncertainty in the eurozone. The Luksics could do with a bit of a boost: analysts say Chile's richest family may have lost their way after buying control of Latin America’s largest container shipping company last month.

Reuters reports Zambia has lifted a ban on metal exports just two days after imposing it to sort out revenue collection and increase transparency in Africa's top copper producer, a minerals ministry official said on Thursday. It's good news for the Zambian mining sector – a lengthy suspension could have further pressured mines already dealing with volatile metal prices in recent weeks. Newly elected President Michael Sata has been concerned – analysts say with good reason – about copper exporters misreporting the amount of ore leaving Zambia, and earlier this week suspended export permits, to put new guidelines in place. Cobalt, gold and nickel also fell under the ban and now all export payments need to be routed via the central bank.

Cameco (TSX:CCO) (NYSE:CCJ) announced today it has signed a non-binding memorandum of understanding (MOU) with its joint venture partners to mill all Cigar Lake ore at the McClean Lake mill. The new milling arrangement is expected to result in a significant reduction in the operating cost of the Cigar Lake project, which is 50% owned and operated by Cameco. The other Cigar Lake joint venture partners are AREVA Resources Canada Inc. (37%), Idemitsu Resources Canada Inc. (8%) and Tepco Resources Inc (5%).

Westminster Resources ("Westminster" or "the Company") has now compiled results for the recent 2,000 metre drilling program at the Company's Sonora, Mexico properties.