EPA’s new carbon regulations could cut coal emissions by 30%

New York Mayor Michael Bloomberg who has a personal fortune of some $18 billion joined with the environmental lobby group Sierra Club on Thursday in a $50 million, four-year plan to cut one-third of US coal-fired power plants. "If we are going to get serious about reducing our carbon footprint in the United States, we have to get serious about coal, " Bloomberg said. Rolling Stone reported that he was standing on a boat on the Potomac river not far from a 60-year old coal-fired power station to drive his message home.

According to a new report by Business Monitor International Russia's mining sector is set to grow slowly over the forecast period to 2015, marking a reversal of the declining output seen since 2006. Business Monitor forecasts the value of the mining sector to reach US$259bn in 2015 from US$134bn in 2010, marking an annual average growth rate of 2.6%.

Midas Gold Corp. (MAX: TSX) today reported that the 2011 exploration program at its Golden Meadows Project, Valley County, Idaho, has commenced.

Romarco Mineals Inc. (TSX:R) has drilled its best hole since Horseshoe on the Haile property identifying a newly designated zone ("Mustang") as a result of its ongoing drill program at its Haile Gold Mine project in South Carolina. Image of the Haile gold project by Romarco Minerals

Freeport-McMoRan reported a doubling of profits at $1.4 billion in the second quarter, but the blow-out results did not satisfy investors who shaved more than 1.5% off the stock amid record gold prices and a positive day on the markets. The company said labour action at its Grasberg mine – the globe's largest copper-gold mine – hurt output. During the eight-day strike in July, the company lost about 35 million pounds of copper production and 60 thousand ounces of gold production which could hurt its next set of results.

Cliffs Natural Resources’ plans to restart coal mining operations at its Pinnacle coal mine in West Virginia after a major setback with regulatory agencies turning down its remediation plan to address the carbon monoxide detected in the mine. The company had to shut down operations at the underground mine in late May after high levels of the poisonous gas were detected.

Copper fell to its lowest in almost a weak on Thursday as data showed the factory sector in top metals consumer China shrank in July, but losses were capped by a softer dollar and hopes of a resolution of the Euro debt crisis.

Growth ground to a halt in the euro zone's private sector this month while China's factory sector contracted for the first time in a year, surveys showed on Thursday, deepening evidence of a sharp slowdown in the global economy. The surveys were published just before European leaders meet for a crisis summit to hash out a second bailout of Greece and allay fears a debt default by Athens will poison access to the bond market for bigger states. Image is by Malene Thyssen.

The price of gold was steady near $1,600 Thursday morning as traders await cues from the European leaders summit, due later today, on a second round of aid for Greece. Gold for August delivery, the most actively traded contract, edged up $3.20 to $1,600.10 an ounce.