Iron ore war: BHP to be cheapest supplier, Glencore says it’ll hurt Africa

Klondike Silver has been acquiring over 80% of the Sandon, BC silver camp over the past 20 years and its land position is now at 23,000Ha. Historical output from Sandon area mines starting in 1890s is over $35 billion (at today's mineral value) of lead zinc and silver. Klondike owns a 100 TPD fully operational flotation mill in Sandon which processes material from local mines. In its prime Sandon had 29 hotels, 28 saloons, 3 breweries, theatres, opera houses, cigar factory, soft drink plant, 3 sawmills, 3 churches, x2 newspapers, a schoolhouse, hospital, numerous lodges, clubs, organizations and a curling rink and bowling alley (in addition to one of the largest ‘red light’ districts in Western Canada). Klondike Silver is also reviving the Gowganda and Elk Lake silver camps in Ontario.

The Courier-Journal reports the Kentucky surface coal mine where two workers were killed on Friday was cited earlier this year over the stability of a highwall. The two workers were employed by a blasting crew and they were trapped in or near their truck by falling rock and earth. Several other miners at the site were injured by falling rock and debris. Armstrong, which began mining operations at Equality in the fall of 2010, utilizes two draglines and the truck-and-shovel mining methods. The mine has been closed pending an investigation.

Reuters reports Peru's government on Friday brokered the first in a series of talks between townspeople and Newmont Mining in a bid to solve a conflict over water supplies at the $4.8 billion Minas Conga project, adjacent to South America's largest gold mine Yanacocha. Newmont was forced to shut down operations for two days at Yanacocha after protesters blocked access to the mine. Minas Conga, partly-owned by Peru's number one precious metals miner Buenaventura, would be the biggest investment ever in Peru's mining sector. Buenaventura reported a 6% drop in quarterly gold output on Friday.

The recent softening of iron ore prices will likely be short-lived, says the world's largest exporter of the steelmaking ingredient. In releasing its third-quarter results, Brazil-based Vale SA (NYSE:VALE) is forecasting high prices "for a long period ahead" because of growing demand from developing countries and constraints to supply growth. The iron ore giant therefore indicated it needs to stay ahead of the game for when the price rise demands a quick reponse:

Keystone XL should bring Canadian crude, which at the moment sells at a $30 discount, in line with global prices. At the same time a huge slice of the record profits announced this week by Chevron, ConocoPhillips and Exxon Mobil will we wiped out. Here's why.

A massive gold mine proposed for near Kershaw, South Carolina, is enjoying broad community support. A public meeting on Thursday "drew enthusiastic support" for a plan by Romarco Minerals (TSE:R) to revitalize the historic Haile Gold Mine, which closed over 20 years ago, reported local media The State: Most who spoke at a hearing said the Canadian mining company is a good neighbor that will protect the landscape. The U.S. Army Corps of Engineers hearing drew about 200 people to a local recreation center. “We really do need jobs,’’ lifelong Kershaw resident Mildred Payne said. “We really trust Romarco and everything they’ve done here in Kershaw. We feel they are really working … to make sure they are doing everything right for the people.’’

The Royal Canadian Mint is pleased to announce its initial public offering of Exchange Traded Receipts (ETRs) under the Mint's new Canadian Gold Reserves program. Each ETR provides evidence of ownership in physical gold bullion held in the custody of the Mint at its facilities in Ottawa, Ontario. The Canadian Gold Reserves program marks the expansion of the Mint's successful core bullion and refinery business. Subject to market conditions, the initial offering of ETRs is targeting an issue size of approximately CAD$250 million.

Barely a week after Anglo American announced that the $2.8 billion they splashed on expanding their flagship Los Bronces mine will start to bear fruit before year end, Chile's state-owned Codelco decides to exercise an option to acquire half of it. Codelco has passed on neighbouring Los Bronces, a smelter and a second mine before, but Chile's finance minister on Friday warned Anglo that it must honour the deal that dates back to 1978. Codelco has put together $6 billion but analyst say that short changes Anglo by billions. What must really gall Anglo, which seems to have been taken by surprise, is that they will have to pay around $1 billion in taxes on the transaction.

An Australia-based coal-mining junior has struck a bargain to ship coal through Prince Rupert, BC. Coalspur Mines (TSE:CPT, ASX:CPL) said Thursday it has reached a 14-year agreement to export thermal coal from its Vista project in Alberta through Ridley Terminals in Prince Rupert. The news spiked the shares 5% on the Australian exchange Friday but caused less of a stir on the Toronto bourse, where Coalspur was down about half a percent as the trading day closed.