Peru’s President allegedly financed campaign with illegal mining funds

As gold prices near $2,000 an ounce, some bulls say it's time to take money off the table after the safe-haven rally extended too far too fast in recent weeks. Gold investors at several firms said gold prices could correct sharply, citing overvaluation. While that does not mean prominent bulls are now bears, they recommended investors take profit on gold holdings, after the precious metal traded briefly above $1,900 on Tuesday for the first time.

The Ghana government handed over state-owned Ghana Consolidated Diamonds (GCD) to a new investor, Great Consolidated Diamond Ghana Ltd (GCDGL), at a ceremony held on Tuesday in Akwatia, 80 km northwest of here.

Macarthur Coal Ltd. has nearly doubled its full year profit and repeated its advice to shareholders to reject a takeover offer from U.S energy giant Peabody Energy Corp. and Luxembourg-based steelmaker ArcelorMittal. The company's 241 million Australian dollars ($253 million) profit for the fiscal year through June announced Wednesday was up 93 per cent from AU$125 million in the previous year despite reduced production due to record rainfall.

The economic consequences of the Supreme Court ban on mining in Bellary are beginning to be felt in thousands of homes in Karnataka as their primary bread winner is facing an axe or has already been pink-slipped. More than 30,000 people working for mining and steel companies are jobless. Another 15,000 workers employed in over half-a-dozen steel companies and 77 other related-industrial units face layoff threat as their companies face an acute shortage of raw materials (iron ore).

TSX V-quoted Noront Resources on Tuesday published the results of a prefeasibility study into its Eagles Nest nickel-copper-platinum project in Ontario’s Ring of Fire, outlining a $734-million capital investment for a one-million ton a year mine.

EKM visits Majestic Gold's (MJS.V) new mill and gold mine near Yantai, China. Featuring interviews from the President of Majestic, Rod Husband, as well as director Rudy Brauer, this video takes you on the ground to see the operations first hand.

President Hugo Chavez has signed a decree formalizing the nationalization of Venezuela's gold mining industry. The move Tuesday is aimed at giving the government total control over gold produced in the South American country.

Canada's largest iron ore producer is looking to expand its operations in Newfoundland/Labrador. IOC announced last week that it has launched a study to evaluate options that would increase production to 50 million tonnes per year by 2016. The expansion effectively doubles IOC's capacity from 26 million tonnes per annum, the target set for 2013 after the completion of three concentrate expansion projects (COPs).

Romanian Environment Minister Laszlo Borbely said Tuesday that a Canadian gold mine project would be given the green light only if it drops the proposed cyanide level in its tailings pond.