This pink diamond sold for a historic record of $18 million

ZeeNews report the world's largest steel-maker ArcelorMittal on Thursday reported a dip of over 51% in net income to $659 million for the quarter ended September 30, 2011, due to rising raw material costs and a fall in demand. The Indian giant also said it will face increasing pricing and volume pressures in the final quarter and is idling production as a result – it has mothballed eight furnaces in Europe and permanently retired another just over the last two months. Arcelor's gloomy outlook prompted one analyst to observe: "We're in a very dark market environment right now."

Coal of Africa raised US$106 million after placing 130 million ordinary shares representing 24.4% of CoAL's issued share capital prior to the placing. Coal of Africa operates coalfields in the Mpumalanga Province in South Africa. It runs two collieries and is advancing other projects. John Wallington, chief excecutive officer of the company was pleased with the placement.

Suncor Energy Inc. (NYSE:SU), Canada's largest energy company, announced third quarter record earnings of $1.287 billion or 82 cents per share. Operating earnings almost tripled to a record $1.789 billion or $1.14 per common share. On the news, which was announced on Thursday, the company's shares were up 1.8% to $31.88. Production from oil sands was a bright spot for the company with an increase from 306,600 to 326,600 barrels a day; however cash costs increased $3.30 a barrel.

Ripples of the Fukushima nuclear disaster are still being felt in the uranium sector. French nuclear power company Areva (AREVA:PA) said on Wednesday it is suspending a uranium project in the Central African Republic due to slumping uranium prices, which are down about 30% since the disaster in March. The accident at the Fukushima Daiichi plant following the Japanese earthquake and tsunami has taken the steam out of uranium mining and nuclear power which prior to the accident had been touted as a safe and economic alternative to fossil fuels.

London-listed ENK has announced the first nickel production from its Acoje pilot plant located 250 km north of Manila in the Philippines. Approximately 50 kg (dry weight) of nickel hydroxide product (NHP) was released from the filter press on October 25.

Perseus Mining (TSE:PRU), a West African gold explorer and miner, completed a Can$81.25 million equity offering. The offering, 25 million ordinary shares at Can$3.25 each, was underwritten by a syndicate of underwriters co-led by Clarus Securities Inc., Dundee Securities Ltd. and CIBC World Markets Inc. Funds will be used to develop the Sissingue gold deposit at the Tengréla Gold project, as well as for general corporate purposes.

South America-focused Yamana Gold (TSE:YRI) increased production and revenue targets for the third quarter, and rewarded shareholders with a 63% dividend increase. Toronto-based Yamana boosted production 4% to 279,274 gold-equivalent ounces (GEO) and brought in $555 million for the quarter — a 22% increase. Operating cash flow rose 57% to $330 million. The higher output came despite lower production at some of Yamana's mines in Brazil, Chile and Argentina. The best production figures came out of the El Peñón mine in Chile, which posted a 15% increase in GEO, and the Gualcamayo mine in Argentina, which marked a 17% improvement.

Canadian copper miner Capstone Mining TSE:CS says it is looking to acquire a producer that would boost its annual output to 100 million pounds. Capstone CEO Darren Pylot told Bloomberg the company is seeking producing mines in the Americas that would add at least 40 million pounds of output.

South Africa's National Union of Mineworkers (NUM) called off a strike on Wednesday after reaching a deal with Xstrata over the coal giant's voluntary employee share ownership plan. Xstrata agreed to allocate shares to workers equally and not based on employment grade, NUM's one gripe. Mine ownership and nationalization are once again fiercely debated topics in the country 17 years after the end of white rule and observers believe SA’s allure as an investment destination has been tarnished by the heavy weather accompanying the Xstrata deal. The plan gives workers 3% of the company and is over and above the company’s 26% local ownership obligations which it already meets.