Turkey mine explosion: Over 230 dead, smoke hindering rescue efforts

Gold hit a record high for the second day running yesterday on rising fears of debt default and future inflation. Spot metal touched an intraday best level of $1 594 (R10 933) an ounce and set a record fix of $1 592.50 in the morning in London before dropping back to $1 590.50 at the afternoon fix.

Gloucester Coal has completed two acquisitions designed to create a leading Australian coal miner worth about $2 billion. Gloucester said it had completed the purchase of Donaldson Coal Holdings, which owns three NSW coal mines, from Asian commodities trader Noble Group.

Brazilian steelmaker Usiminas said on Thursday it agreed to pay at least $1.16 billion to have long-term access to iron ore resources, seeking to battle a surge in prices for the key steel ingredient. Usiminas signed an agreement to rent mining rights owned by MBL Materiais Basicos for the next 30 years, it said in a securities filing. Usiminas will also buy 6 million tonnes of iron ore reserves at $12.50 per tonne from MBL, as well as a processing facility.

Neighbour South Africa's influential Business Day reports as Zimbabwe’s shaky unity government inches ahead with extensive electoral reforms ahead of fresh elections now expected next year, the prospect of the country’s army seizing power looms large. In recent weeks, the military’s top brass has taken on a visible role in the country’s political affairs and has been brazenly opposed to security sector reforms. The military seized control of Zimbabwe's rich diamond fields in Chiadzwa in 2006 and most observers believe an international ban on these gems are being widely flouted.

India's Department of Fertilisers raised concerns with the country's Foreign Affairs minister on Thursday over 2011 prices set by Canpotex, the company that markets and distributes Saskatchewan's potash globally. India's farming co-ops have halted imports due to the impasse and while waiting for a government decision on import subsidies. At over 6 million tonnes/year India is the biggest importer but says it pays much higher prices than a country like China can negotiate.

Richard Burton appeared on Dick Cavett's show in 1980 and told the story about his family of Welsh coal miners. Listen to a riveting history about those who loved the mines and what that work cost them.

Gold reached a fresh record high on Thursday as investors continue to seek for the metal as a refuge after Moody's placed US top-notch credit rating on review for a downgrade and hints of QE3 from the Fed. The yellow metal has also been supported by ongoing concerns over the euro zone debt crisis that deepened after Fitch downgraded Greece rating to CCC on Wednesday.

CONSOL Energy Inc. (NYSE: CNX), updates on second quarter 2011 operations. From the release: "CONSOL Energy's Coal Division reports total coal production of 15.4 million tons for the quarter, including 1.4 million tons of low-vol metallurgical coal

Diamond miner and retailer Harry Winston posted a 4 percent rise in ore processed in the second quarter, helped by the recovery of higher grades, and the company will hold three rough diamond sales by the end of July.