Newmont halts all operations in Indonesia, declares force majeure

Diamond mining group De Beers said on Tuesday that "exceptional" sales had nearly tripled net earnings in the first half to £423 million ($694 million), up from £155 million ($255 million) in the first half of 2010. The world's top diamond producer said it had registered total sales of £2.4 billion ($3.9 billion) in the six months to June 30, up from £1.8 billion ($3.0 billion) the year before.

The price of gold was firm above $1,610 Tuesday morning as the U.S. dollar was trading weak amid U.S. debt stalemate. Gold for August delivery, the most actively traded contract, edged down $1.00 to $1,611.20 an ounce.

Nambia?s ministry of finance said that Nambia plans to raise its mining tax by 17% to boost revenue, but the hike will not apply to the diamond sector. As per report the ministry of finance wants the mining tax to be raised to 44% from 37.5%.

The world’s fourth-largest platinum miner Aquarius Platinum increased its attributable production by 3% year-on-year to 114 260 platinum group metal (PGM) ounces, but CEO Stuart Murray said on Tuesday volumes from South African operations fell short of the company’s expectations. Challenging conditions at Kroondaal, Marikana and Everest mines negatively impacted on production, but Murray said operations were now moving towards normal production.

Energold Drilling Corp. (EGD: TSX.V) ("Energold" or "the Company") is pleased to announce that it has closed the definitive strategic acquisition agreement announced June 22, 2011 (see press release dated June 22, 2011) with Bertram International Corporation ("Bertram") whereby Energold has agreed to acquire all the outstanding shares of Bertram for total consideration of $15 million and assume long term debt and lease obligations of approximately $3 million as of June 30, 2011.

The US government has approved a new wireless communication system from Lockheed Martin that enables trapped miners and rescue workers to communicate during a disaster as safe to use in mines.

A landmark victory in the Federal Court looks set to give unions more power to bargain on behalf of workers at Rio Tinto and BHP Billiton iron ore operations in the Pilbara. The full bench of the court has ruled that a non-union collective agreement covering workers in Rio Tinto's operations was invalid. Yesterday's decision casts doubt on similar agreements at BHP and other operations in the mining region, involving thousands of workers.

The bubble that is keeping iron ore prices at historic highs may be about to burst, and when it does, iron ore giant Fortescue Minerals will still be making money, the company's new CEO predicts.

Australia's Whitehaven Coal reported a 48 percent rise in equity coal output in the June quarter versus the same period a year ago and said it expects to show a fiscal 2011 underlying net profit of A$70 million before significant items.