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400 firms apply for diamond licences as Zimbabwe softens ownership blow

Zimbabwe's mines minister on Thursday told delegates at a conference in the capital Harare that the government has received 400 applications from companies interested in mining diamonds, despite an international ban on the export of gems from the rich Chiadzwa alluvial fields. The news comes as Zimbabwe appears to scale back its ambition to force foreign miners to hand over majority ownership with the minister saying the country would not suspend any mining permits and that exceptions may be made to the so-called indigenization laws.

Company on track to reopen two Ontario nickel mines

Canadian Arrow Mines could soon be mining nickel again at its Kelex and Alexo mines near Timmins, Ontario. The Toronto-listed company (TSX-V:CRO) has received regulatory approvals to resume production with a small-tonnage, open-pit operation at the Kelex Central West pit, which was exposed, but only superficially mined, before suspension of production in 2005 due to nickel prices falling below US$5/lb.

Huge steppe up for Prophecy Coal after Mongolia approves power plant

TSX-V junior Prophecy Coal was trading up 6% by early afternoon on Thursday after jumping 11% earlier in the day on news that the Mongolian government has given the go-ahead for a power plant at the mouth of its Chandgana mine. Prophecy – which also controls a Yukon platinum explorer – has more than 1.4 billion tonnes of surface minable thermal coal resources at Chandgana and its producing mine Ulaan Ovoo for which it recently signed offtake agreements in Russia. There is renewed interest in Mongolian coal assets and earlier this week an Australia-based firm exploring in the fast-growing country was sold for a 800% profit a mere 18 months after its IPO.


Multi-million ounce gold and silver deposit defined in Nevada

Shares of Paramount Gold and Silver Corp. (NYSE/TSX: PZG) hit a one-month high of $3.22 on Tuesday after the company released a new resource estimate for its Sleeper Gold Project in Nevada. The NI 43-101 resource estimate, prepared by consulting firm SRK, includes oxide and sulfide materials as well as a small amount of alluvial mineralization.

$304 million in mining royalties in 2010-2011: Quebec has collected in a single year more than it did in the 10 previous years

Montréal, September 15, 2011 – “The new mining royalty regime enables us to attain the objectives that we set, i.e. to obtain from mining companies fair compensation for our natural resources without discouraging investment,” Minister of Finance and Minister of Revenue Raymond Bachand said today at a technical information session held jointly with Minister of Natural Resources and Wildlife and Minister responsible for the Plan Nord Clément Gignac. Minister Bachand indicated that the mining royalties the government collected reached $304 million in 2010-2011, more than double the $133 million originally forecast in the 2011-2012 Budget.

More Canadian mining CEOs join the millionaires club in 2011

VANCOUVER, Sept. 15, 2011 /CNW/ - In 2011, Canadian mining CEOs are enjoying high salaries on par with 2010's blockbuster year for compensation and there has been a rise in mining CEO millionaires this year, according to the 2011 Mining Industry Salary Survey by Coopers Consulting and PwC. In 2011, the average annual base salary for Canadian mining CEOs was $486,000 in 2011, similar to $480,000 in 2010. Of the 95% of CEOs who were eligible for cash bonuses, 85% reported receiving payouts averaging 76% of their base pay (compared to 88% in 2010 and 61% in 2009) with the highest cash incentive percentage totalling 300% of base pay.

Anvil Mining reins in $1 billion takeover rumours

Anvil Mining (TSE:AVM), a copper miner based in the central Africa, tamped down speculation that it may be acquired for $1 billion. Australian Finance Review reported that it was in serious discussion with a Chinese firm about some sort of business tie up. Last month, Anvil announced that it started a strategic review process and the company had formed a special transaction committee to ". . . review and consider the value maximizing alternatives available to the Corporation. BMO Capital Markets has been retained to assist in this regard," said the company in a statement.

Gold is as good as cash for The Donald

Donald Trump is now accepting payment in gold. A commercial tennant who needed to make a security deposit in one of Trump's New York buildings, 40 Wall Street, paid in three 32 oz. gold bars, equivalent to $176,000. Trump, who flirted with a run for President as the Republican nominee, is a critic of the Obama administration.