Barrick Gold ousts CEO Sokalsky in major shakeup

WA's resources sector has been issued an SOS from the nation's steel and manufacturing industries to ramp up investment in Australian products to prevent thousands of more jobs going offshore.

Ivanhoe Mines (TSE:IVN,NYSE:IVN,NASDAW:IVN) announced an update to the production potential of its Oyu Tolgoi project.

Lawyers for Swiss mining giant Xstrata are in court today defending a massive coal project slated for Queensland. The AU$6 billion Wandoan coal mine has come under fire by environmentalists for its potential negative effects on the Great Barrier Reef. Bloomberg reports that Friends of the Earth, an international environmental lobby group, is attempting to block the mine’s approval at a trial in Brisbane that’s scheduled to take two weeks, arguing the coal exported from the project and burned overseas will add to global warming.

Tawsho Mining Inc. (TAW.V) is now surging 32%, hits a new year high of about 37 cents earlier, after announcing results from its summer 2011 drill campaignon its Whisker Valley Gold Project.

The platinum miner said Monday it was still in talks with the Zimbabwean capital over a key deadline after its indigenization plan was rejected last week.

Canadian company Silvercorp Metals Inc. said Monday it is buying a controlling share in two Chinese mining companies for about $10.4 million, including debt. Silvercorp will hold a 90 percent stake in Zhongxing Mining Co. Ltd. and Chuanxin Mining Co. Ltd. It will pay $4.3 million cash for the two companies and assume $6.1 million in debt. Silvercorp is making the purchase through its majority-controlled Henan Found Mining Co. unit.

Four of the five trade unions of mining major have placed their wage demand with the management.

Gold prices retreated from early record highs near $1,900 an ounce on Monday, as a rebound in stock markets from last week's lows gathered pace, denting interest in so-called safe haven assets like German bunds and bullion.

Gold futures hit another record high of $1,898.60/oz on Monday, despite a recovery on global stock markets following one of the most volatile weeks in trading history. The precious metal rose by more than 6% last week, the most since February 2009. So far this year bullion has gained roughly a third in value. Gold's allure as an inflation hedge was boosted by renewed talk that policy-easing initiatives would be unveiled by the US Federal Reserve on Friday at an annual gathering of central bankers. A round of asset purchases that eventually became known as “QE2” were unveiled at the meeting last year.