How three geologists discovered copper, diamond and gold deposits

According to a recently released WikiLeaks cable, China is shifting some of its massive foreign holdings into gold and away from the U.S. dollar, undermining the dollar's role as the world's reserve currency.

Rio Tinto is to invest US$833 million (Rio Tinto share US$706 million) in major power and fuel supply projects as part of its drive to substantially increase iron ore production capacity in Western Australia. Rio Tinto's integrated Pilbara power and gas network will be upgraded with a US$520 million investment and a further US$313 million will be allocated to fuel infrastructure facilities.

As the United States and its allies look back on a weekend of memorials and tributes to the nearly 3,000 victims of 9/11, the country that was struck in retaliation for the 2001 attack on America could become a hotbed of mining. The National reports that Indian firms are bidding billions of dollars for a contract to mine iron ore in a central district of Afghanistan: "A consortium led by the state-run Steel Authority of India (SAIL) could invest up to US$6 billion (Dh22bn) in the mine, railroads and a steel plant in a race with China to lock in raw materials for two of the world's fastest-growing economies."

Gold Fields, the world's fourth-largest gold producer, aims to produce one-million ounces of the precious metal per year in South America by 2015, the company's regional chief said on Wednesday.

Peru's leftist government presented a bill to Congress on Wednesday that aims to increase mining taxes to fund anti-poverty projects.

The US Geological Survey (USGS) said on Wednesday it estimated there were at least one-million tons of rare earth elements contained in resources in Afghanistan’s restive Helmand province.

Firestone Diamonds said Wednesday rough diamond prices have fallen about 15% to 20% since the start of August as market uncertainty begin to take a heavier toll. This after prices rose roughly 40% in the first half on the back of robust demand from China and India. The company announced it had sold only 14% of the rough diamonds offered at the tender – the London-listed firm's fourth of the year – held in Gaborone, Botswana that concluded on September 9. Most of the unsold goods were smaller in size. Shares in the company dropped over 7% by the close of trade in London.

The Inuit government of Labrador says it will review a 2008 moratorium on uranium mining that it brought in to protect the environment, The Winnipeg Free Press reported, with the Nunatsiavut Assembly voting last night to review the legislation imposing the moratorium on mining, production and development of uranium on Inuit lands. The moratorium was imposed on concerns over the environmental effects of uranium mining including low-level emissions produced from tailings. If a government committee recommends that the moratorium be lifted, legislation would be put forward to remove the restriction, says The Free Press. A report is expected by December.

Polish stocks are on a tear this week after a top court made a mining-friendly tax ruling. Bloomberg reports that Polish stocks climbed for a second day, with the benchmark index heading for the biggest advance in a week, as coal and copper producers jumped after the Constitutional Tribunal ruling on mining taxes: "The court ruled that mining excavations should not be considered as construction works and should be free of real-estate taxes."