Australian mining mogul apologizes to China over ‘mongrels’ remarks

Minmetal Resources bought Anvil Mining for $1.3 billion, representing a 30% premium over Anvil Mining's average share price. The Anvil Board has unanimously approved the offer. Anvil's key asset is the Kinsevere mine, located in the Democratic Republic of Congo. Minmetal says its annual copper output will grow by 60,000 tonnes per year, an increase of 60%. The mine is expected to have about a 14 year life.

North Atlantic Potash Inc., the Canadian subsidiary of JSC Acron, today completed the sale of eight of its potash permitted areas to the Yancoal Canada Resources Co. Ltd. of China for $110 million. The sale allows North Atlantic Potash to focus its activity on key areas of interest within its remaining potash permits in Saskatchewan. The infusion of cash means the prioritization of advanced exploration and drilling required to delineate resources can now proceed through a systematic and strategic capital expenditure program. This sale relates to North Atlantic Potash's potash permit holdings located north of Regina (see map on website: permits KP 374, 377, 392, 406, 506, 399, 378, and 507).

Canada's mining output grew 2.9% in July, according to Statistics Canada which released its monthly gross domestic product numbers on Friday. The gains in the mining sector were attributable to more productivity after ". . . a period of production difficulties and maintenance work." Oil and gas production was down significantly, actually shrinking the output from the resource sector as a whole.

While the number of smokers in the United States has declined dramatically in recent years, miners have yet to kick the habit, says a federal study. Reuters reported Thursday on the report, which says that 30% of mining, hotel/motel and food services smoke. The study, by the Centers for Disease Control and Prevention, analyzed data from 2004 to 2010.

The Zimbabwe Guardian reports that at least 137 mining companies are risking losing their mining licences for refusing to comply with the country's new indigenization regulations. Affected companies include Anglo-American, Murowa Diamonds and Metallon Gold, according to the newspaper, which notes that 38 companies have complied. The government of Zimbabwe, the country with the largest platinum reserves outside number one producer South Africa, is demanding 51% of all foreign-owned mines operating in the country under its so-called indigenization laws.

In yet another buying spree, China is going after another African copper producing firm to acquire its abundant copper production. Minmetals Resources Ltd. of China is poised to buy Anvil Mining of Congo for $1.31 billion to secure copper mine production output in Africa amid the recent fall of the commodity's prices in the world market.

Business Insider reports that the heart of the American coal industry, Central Appalachia, could soon be a shadow of its former self. According to the US Department of Energy, the amount of Appalachian coal will be less than half that mined in 2008 within the next three years, says Business Insider, because most of the easy-to-reach resources have been exhausted.

Spot gold and U.S. gold futures rose 1 percent on Friday after German approval of a stronger bailout fund to counter the euro zone debt crisis.

A recent journal article says that coal-fired power is harming the US economy more than it is helping it. The article in the American Economic Review, titled “Environmental Accounting for Pollution in the United States Economy,” essentially states that coal plants are responsible for a quarter of gross external damages (GED) to the US economy, measured in terms of sickness and death caused by major pollutants such as sulphur dioxide, nitrogen oxides, ammonia and volatile organic compounds (VOCs).