Chile’s Supreme Court begins hearings on Barrick Gold’s appeal to $16m fine

Canadian Natural Resources said on Tuesday its Horizon oil sands operation has resumed production after a seven month gap caused by a fire. The Calgary-based company said expects to reach full capacity of 110,000 barrels per day of syncrude – a light oil manufactured from bitumen – by next week. The Horizon outage led to a shortage of syncrude which helped Alberta’s producers attract a premium of $18 above benchmark US oil. That premium is now shrinking and is set to return to normal levels of a slight discount. Last week the spread between US crude and North Sea Brent reached a record margin of $26 a barrel. Western Canada Select in turn trades at $13 a barrel below US levels which on Tuesday was $84 a barrel.

Gold futures dropped for the first time in more than a week on Tuesday as global equity markets posted gains, buoyed by better-than-expected data from China. Gold for December delivery fell $19.80 or 1% to $1,873.50 an ounce at the start of trade in New York's Comex. On Monday the December contract rose $39.70, or 2.1%, Monday to settle at $1,891.90. Bullion is up 16% in August, heading for its best monthly performance since September 1999. Silver for December delivery in New York declined 1% to $42.94 an ounce after earlier touching $44.295, the highest price since May 3. It’s up 39% this year.

Standard & Poor's has kept its BBB- long term corporate credit and ruAA+ Russia national scale ratings on Russian mining and metal group MMC Norilsk Nickel on CreditWatch with negative implications.

While miners in Chile, South Africa, Indonesia and Mexico downed tools recently to strike for higher wages, those working in the Canadian mining sector can take comfort in knowing that their pay packets are expected to grow fatter than workers in other Canadian industries. According to a report by consulting firm Hay Group, which surveyed 660 Canadian employers, companies expect to see wages climb 2.8 per cent on average across their work force in 2012, with salary gains of 3.8 per cent in the mining sector and 3.7 per cent in the oil and gas field.

World crude steel production for the 64 countries reporting to the World Steel Association was 127 million tonnes in July 2011. This is 11.5% YoY higher than July 2010.

Isolated North Korea is desperate to earn some hard currency and look for rare earths in its borders with China.

Medusa Mining Ltd advised the annual update of the JORC compliant ore reserve estimate for the Co-O Mine in the Philippines now stands at a probable reserve of 502,000 ozs contained in 1.5 million tonnes at 10.1 gpt Au.

Robert L. Card, President of Gulfside Minerals Ltd. ("Gulfside" or the "Company"), is pleased to report that the Company has acquired, subject to TSX Venture Exchange ("TSXV") approval, an option to acquire three iron ore projects. The first project is comprised of 49 mineral claims located near Port Snettisham about 30 miles southeast of Juneau, Alaska. This project is a titaniferous magnetite deposit on the Snettisham Peninsula which has been intermittently explored since 1969.

Mining giant BHP Billiton has defended as "effective" its strict office etiquette policy, which bans workers from eating pungent food, throwing jackets on their chairs or leaving Post-it notes on their monitors or keyboards after hours. The company outlined its "Office Environment Standard" in a memo emailed to employees in Brisbane this month.