Gold industry to explore ‘fix’ reform

CALGARY, Aug. 29, 2011 /CNW/ - Climbing labour, service and commodity costs are driving early signs of cost inflation in the oilsands sector while environmental issues dominate the risks list, according to Ernst & Young's recent report, Exploring the top 10 opportunities and risks in Canada's oilsands. An uncertain global economy, conflict in North Africa and the Middle East, supply and demand imbalances, crude price volatility and currency fluctuations are making it difficult for oilsands companies to plan and forecast accurately.

South Africa's Optimum Coal said on Monday that a unit of Glencore, the world's largest commodity trader, had bought a 14.1 percent stake in it. The announcement comes after Optimum, South Africa's sixth-largest coal producer, confirmed on Friday that it had received takeover approaches.

Canadian stocks were poised to open higher on Monday, taking their cue from Wall Street, as commodity prices rose after Federal Reserve Chairman Ben Bernanke on Friday left the door open for further action to stimulate the U.S. economy.

China COSCO (Ocean Shipping Group Co) Holdings Company, the country's top shipping conglomerate, on Friday reported a loss of CNY 271 billion (USD 432 million) for the first half of 2011, registering a massive decline of 176.8% YoY. Image is from geograph.org.uk

Stakeholders in the mining sector said they are targeting to create about two million direct jobs for Nigerians from the sector. Under the Progressive Miners Empowerment Association (PMEA), the miners said if about N200 billion is injected into the sector, it would be revived.

Copper futures declined in New York on concern that moves to curb credit growth and tame inflation by China, the world’s biggest consumer of the metal, may reduce demand for raw materials.

Four miners were killed when a coal mine collapsed in the northern Mexican state of Coahuila on Friday, a senior government official said. Labor Minister Javier Lozano said in a Twitter message the fourth body was recovered late on Friday and an extraordinary inspection of the mine was underway.

The head of the world's largest manufacturer of mining equipment says he does not see a return to recession in the United States. “I don’t see a return to high growth, but I think we’re going to bump along,” Doug Oberhelman, CEO of Caterpillar Inc., told the FT at the company's headquarters in Peoria, Illinois, this week.

Little progress has been made in increasing renewable energy usage, but Indonesia has enormous renewable energy potential. Geothermal energy could readily meet up to 40 percent of Indonesia’s energy needs.