Gold price: Europe rushing in where even Fed fears to tread

Silvercorp Metals Inc. has achieved record silver production and record sales for the first quarter of fiscal 2012. Highlights

• Record revenues of $69.7-million (U.S.), representing a 90-per-cent increase compared with the same quarter of fiscal 2011;
• Record silver production of 1.6 million ounces, up 15 per cent from the same period a year ago;
• Gold production of 1,390 ounces, a 30-per-cent increase compared with the same period last year.

President Obama was asked about oil sands at an energy town hall today in Pennsylvania. He said it was a “good thing” to get oil from friendly and stable countries such as Canada, but said he would not pre-judge the State Department permit process for the proposed Keystone XL pipeline from Alberta to the Gulf Coast.

Industrial action at BHP Billiton Limited's (ASX:BHP) Queensland mines is heating up as workers fight for more job security and pay rises. According to Fairfax Media more than 400 BHP workers have started strikes at the global miner’s coking coal mines after failed talks between the company and its employees.

Thousands of workers at one of the world’s biggest gold and copper mines started returning to work Wednesday, ending a nearly two-week strike that brought operations to a standstill. Union chief Sudiro, who goes by only one name, said the decision was made after Freeport-McMoRan’s management agreed to reinstate six fired labor leaders and reopen negotiations about wages and benefits on July 20.

Rio Tinto has awarded $45 million in new railway signalling and communications contracts to international rail infrastructure group Ansaldo STS.

Mining equipment maker Joy Global, Inc. (JOYG: News ) is close to acquiring Chinese coal-mining equipment maker International Mining Machinery Ltd. (ICMHF.PK), according to Bloomberg on Wednesday.

An Australian coal company at loggerheads with a Brazilian-based partner over a central Queensland mine will seek damages in the Federal Court.

A shortage of large haul truck tyres is coming soon. Prices on the spot market have already topped $90,000 in some parts of the world, according to one recent article.

Strikes are looming in South Africa's gold and platinum sectors which could threaten global supplies at a time when commodity prices are red hot. South Africa's powerful National Union of Mineworkers (NUM) said on Wednesday wage talks with the country's main gold miners were deadlocked and it was preparing for a strike.