China coal mine explosion traps 29 workers

Fin24 is reporting that a huge tailings dam being built in Kuma township could get kyboshed due to opposition from environmental groups, pressure groups and demands from landowners. The Kareerand tailings dam being built by First Uranium TSX:FIU, JSE:FUM 15km outside Stilfontein is a R400 million project motivated by a need to solve the ubiquitous dust cloud that currently envelops Kuma residents from 15 old tailings dams — relics from the Buffelsfontein and Hartbeesfontein gold mines — says Fin24, which describes the dam in some detail:

It may not be quite the same as hitting the local ATM, but China is making it easier for consumers to buy bullion. AFP reported on Sunday that the Beijing Agricultural Commercial Bank and a gold trading company have installed China's first gold vending machine in a busy shopping district of Beijing:

The State of Wisconsin is being forced to weigh the age-old concerns over environmental protection versus economic development as it looks to rewrite its mine law to accomodate a huge iron ore mine in an impoverished region of the state. Asked earlier this year to shorten its environmental permitting process from 5 years to 300 days, the State is now taking a second crack at rewriting its mining legislation after draft legislation was scrapped due to public outcry regarding the secretive nature of the process. Groups opposed to the open-pit mine, which would stretch four miles along Ashland and Iron Counties, say the mine would endanger water and air quality and create an ugly scar on the landscape.

Mongolia wants to bring forward the raising of its stake in the Oyu Tolgoi copper project that’s being developed by Rio Tinto Group and Ivanhoe Mines Ltd. to 50 percent from 34 percent, according to the minerals minister. “We have sent the proposal to Ivanhoe to renegotiate the timeframe for us to increase the government stake,” Dashdorj Zorigt told reporters at Oyu Tolgoi yesterday. Such an increase is permitted after only 30 years, according to a summary of the $16 billion project agreement from London-based Rio Tinto.

One of the world's most exclusive jewellery sellers says it is prepared to cut more deals with diamond mines in exchange for preferential access to the precious stones, reports the FT. Tiffany & Co told the Financial Times it would repeat a deal it make this year to lend $50 million to a mine in Sierra Leone in exchange for the right to buy its rough diamonds.

Griffin Coal, which was acquired by Lanco Group early this year, may generate revenues of up to USD 160 million this fiscal, according to a senior company official. The miner may produce coal up to 4 million tonnes during the March, 2011-March, 2012, period, the Lanco Group official said, requesting anonymity.

The EPA will shut down an estimated 20% of the nation’s coal plants through the ground-level ozone rule (the Cross-State Air Pollution Rule (CSAPR) ) through cap and trade that is about to be implemented in January 2012.

India's top iron ore miner NMDC Limited is close to acquiring a coking coal mine in Russia with an estimated reserve of about 70 million tonnes. The company will seek board approval for the acquisition within a few days.

For a few years up to 2009, demand for mining equipment finance was strong, but it then declined as companies cut back because of the international financial meltdown. Since the beginning of last year there has been an upswing in the financing of yellow metal assets. Data from WesBank shows that the financing of yellow metals is up 80% year on year, driven mainly by the South African mining sector.