ETF sold gold piling up as Chinese imports drop 83%

Delayed for several years owing to the discovery of historical artefacts at the project site, Metallurgical Corporation of China expects to start production at its Aynak copper mine by the end of 2014 Metallurgical Corp of China Ltd (MCC) , China's major

The world needs at least 100 million tonnes of additional iron ore supply each year for the next eight years to meet demand growth projections in steel making, miner Rio Tinto said on Thursday. At that rate, global iron ore production would almost double over the period, based on industry trade data -- largely covered in the early years at least by expansions underway among the major miners, including Rio Tinto.

A cashed-up BHP Billiton will spend $US367 million ($A344.31 million) expanding its coal handling operations in Newcastle. The world's biggest miner, which recently delivered an Australian record full-year profit of $22.46 billion, announced on Wednesday the third stage of development of the Newcastle Coal Infrastructure Groups (NCIG) facility.

Al Gore's latest blog entry reads: The leaders of the top environmental groups in the country, the Republican Governor of Nebraska, and millions of people around the country – including hundreds of people who have bravely participated in civil disobedience at the White House – all agree on one thing: President Obama should block a planned pipeline from the tar sands of Alberta to the Gulf of Mexico. The tar sands are the dirtiest source of fuel on the planet...

LKAB is investing in new technology that will make ore transport up to 20% more energy efficient and help to maximise utilisation of the Ore Railway between Riksgränsen and Luleå in Sweden.

Papua New Guinea’s new prime minister Peter O'Neill and the country's Investment Promotion Authority have moved to quell concern about proposed changes governing ownership of resources in the country saying it needs further discussion and acknowledging genealogical problems. Among sweeping changes promised for the impoverished country, PNG's new mining minister introduced a plan to hand state ownership of mineral and energy resources to customary landowners forcing mining companies to renegotiate permits and contracts. Last week O'Neill guaranteed the support of 80% of MPs he needs to preserve his majority ahead of 2012 elections by expanding his cabinet by a third.

Quebec minnow Century Iron Mines (CVE:FER) said Wednesday that China's Wuhan Iron and Steel (WISCO) will invest $120 million over two years in three joint ventures to explore and develop the company’s Duncan Lake, Attikamagen and Sunny Lake projects in Quebec. The joint venture agreement was signed on Tuesday in Beijing with the premier of Quebec in attendance. Century Iron hardly trades but on Wednesday the company enjoyed a tenfold increase in volumes on the Toronto exchange with 44,000 shares exchanging hands. It ended the day flat at $2.60 with a market value of less than $1 million.

Outotec has agreed on collaboration with the Ministry of Minerals Resources and Energy of Mongolia (MME) during the visit of Ms. Tarja Halonen, President of the Republic of Finland, to Mongolia today. According to the agreement, Outotec supports MME as a technical advisor to develop mining and metallurgical processing of Mongolian mineral resources in the most sustainable way.

Major mining equipment player Joy Global Inc. (NASDAQ:JOYG) is selling the drilling products arm of the business it acquired from LeTourneau Technologies. Joy Global said Wednesday it will sell LeTourneau's drilling products business to Cameron International for $345 million. The all-cash deal has been approved by both companies' boards of directors. Joy paid $1.1 billion in May to acquire LeTourneau from Rowan Companies, Inc.