Rio Tinto ‘happy’ with iron ore exposure, bullish on China

Xstrata has approved the commencement of an AUD47 million (USD50 million) pre-feasibility study into the development of a large multi-commodity open pit mine on the existing Xstrata Mount Isa Mines footprint. In a joint statement, Xstrata Zinc Australia Chief Operating Officer Brian Hearne and Xstrata Copper North Queensland Chief Operating Officer Steve de Kruijff said the development of a large scale zinc-lead-copper pit has the potential to extend the life of the combined operations to beyond 2060.

Hecla Mining CEO Phil Baker Tuesday predicted the higher the gold price goes, the more small investor interest in silver will increase.

Predictably in tandem with the BSE and the NSE which appreciated by 273 and 88 points respectively the pencil ingot prices recoiled at all centres.

MSN reports that nickel shot up in India to Rs 990.50 per kg in futures trade.

CNBC News reported that Indiaès demand for gold has not been stalled by rising metal prices.

Imperial Oil  and Exxon Mobil Corp  said on Monday they have revised plans to ship massive pieces of oil sands equipment on US highways through Idaho and Montana after legal challenges and protests forced delays. The two companies have spent months battling conservationists and residents along the Clearwater and Lochsa rivers in an attempt to move the two-lane-wide 'megaloads'. They will now try to dismantle the shipments and move them in smaller loads on bigger highways at a cost of some $70 million and the possibility of further delays for their $11 billion Kearl oil sands project.

Industrial equipment auctioneer Ritchie Bros. Auctioneers earnings for the six months ended June 30, 2011 were $43.3 million, or $0.41 per diluted share, and adjusted net earnings of $40.3 million, or $0.38 per diluted share, the company announced on Aug. 5.

Shares in Kinross Gold leapt 4.5% on Wednesday after the company published a positive second-quarter earnings report. Toronto-based Kinross said it had a record quarter for gold production due to additional product from its Kupol gold and silver mine in Russia, of which the company acquired 100% in April, and from West Africa operations that were acquired last September. Kinross poured 676,245 gold ounces of gold in Q2, a 26% increase over the same period last year.

Allana Potash said on Wednesday it has appointed Mark Stauffer, previously president of the Potash and Phosphate Institute of Canada, as chairman and is applying to move its listing to the Toronto main board. Up 80% since the start of the year stock in Allana, advancing a project in Ethiopia was trading steady on Wednesday amid the market turmoil. The company has announced a string of discoveries at its 160 square km Dallol project in Ethopia in recent months.