Frik Els , Editor

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.

Labrador Iron Ore Royalty Corporation, owners of a 15% stake in the Iron Ore Company of Canada, said it earned second-quarter net income of $48.2 million or 75 cents per unit from its investment, down from $69.3 million or $1.08 per unit in the same 2010 period. The company's stapled units started trading on a 2:1 split basis on the Toronto Stock Exchange on June 28, 2011 and lost 10c to close at $32.01 in Toronto on Wednesday. Investors have put a value of $4.1 billion on the company.

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.

Radio Free Europe reports an increase in world prices for base metals has made a 60-year old German-owned mining company the largest corporate taxpayer in Armenia. Data from the positively Soviet-sound State Revenue Committee released on Tuesday show the Zangezur Copper and Molybdenum Combine paying more than 15 billion drams ($41 million) in various taxes and duties in the first half of this year, compared to just 5.5 billion drams the same period last year.

Despite a report on Wednesday showing a surge in July, China's copper imports were still down 22% in the first seven months, suggesting slowing demand in the world's top copper consumer is adding to concerns that shaky western economies will knock prices further. However, according to a new study by Canaccord the copper mining industry is operating under 'a high degree of stress' and called robust copper prices the 'new normal' thanks to supply shortages. More than 500,000 tonnes of production have been lost this year due to weather delays, poor deposit grades, worker strikes and mill problems, mostly in Chile, the world's number one producer.

The North Shore news reports shipments of potash out of North Vancouver's Neptune Terminals rose 37% in the first six months of this year, compared to a mere 1% gain for overall tonnage handled by Port Metro Vancouver over last year. The increase, which brings the terminal's total to 3.8 million tonnes, was spurred by robust potash demand in Asia. Last year's total also marked a substantial jump from the previous year, when total tonnage rose 143%.

Quadra FNX Mining announced second quarter 2011 profits up 75% at $63.8 million and revenues up 76% to $298 million on Wednesday, but was not spared the stock market mayhem and was trading down over 2% by midday on Wednesday bringing its losses for the month to 18%. The results of the Vancouver-based copper miner with operations in Ontario, the US and Chile were only marred by a jump in cash costs to $2.33 per pound of copper, but after raising $500 million during the quarter now sits on a healthy $1 billion in cash.

The Calgary Herald reports the debate over a controversial BC pipeline and port project to ship Alberta crude oil to Asian markets escalated recently with Canada's politicians and business leaders advancing new support for the initiative. Both federal Natural Resources Minister Joe Oliver and the Canadian Council of Chief Executives gave strong backing to the Northern Gateway Project with Oliver calling the pipeline in the national interest. Slowing demand in the US is also adding to pressure for a go-ahead on the pipeline that will stretch for more than 1,100km to a new port facility at Kitimat, northern BC and will cost $5.5 billion.

A new attention-grabbing website that attempts to draw a distinction between Alberta's oil sands and what it calls "conflict oil" extracted by undemocratic regimes may become a victim of its own success.

Gold futures surged as much as $45 in Tokyo trade on Monday to a record $1,697.70 an ounce on demand for an investment haven. The dollar slumped following Standard & Poor’s downgrade of the US long-term credit rating from AAA. Gold futures for December delivery was trading at $1,687, up $36 or 2,17% at 8:30 am Tokyo local time in electronic trading after reaching the all time high.