Russian mining and metals giant Mechel listed in New York where it has a market capitalization just shy of $11bn, reported on Tuesday winning the auction for the subsoil license for Pionerskoye iron ore deposit, sending its ADRs up 3.5% in midday trade. Pionerskoye's estimated reserves as of January 1, 2010 were 137m tonnes of iron ore with high iron content, which will enable the company to produce iron ore concentrate at the early stages of development without the need to use complex beneficiation technologies.

B2Gold Corp. reports a temporary shutdown of the underground workings at the Limon Mine in Nicaragua due to on-going rescue attempt of a missing worker during heavy rains and mine flooding.

Ivanhoe Mines' Chief Executive Officer Robert Friedland announced today that the company expects to receive US$502 million from Rio Tinto later today following Rio Tinto's decision to exercise all remaining share-purchase warrants that it holds in Ivanhoe Mines.

According to a report by Chinese news agency Xinhua, China has been sharply increasing its output of gold and silver coins to meet seemingly ever-increasing popular demand for precious metals as people buy to protect against perceived rising inflation. Indeed it has more than doubled the maximum issuance for 2011 for some popular gold coin sizes from its previously announced levels.

While the Obama Administration extended its emergency ban on new mining claims around the Grand Canyon only until December 20, 2011, statements made by federal officials at a press conference at Mather Point in the Grand Canyon National Park Monday indicate the ban will probably be permanent. Although U.S. Secretary of the Interior Ken Salazar repeatedly stressed that mining projects currently in the regulatory pipeline remain alive and viable, fears of possible contamination of the Grand Canyon watershed were repeatedly stressed by federal officials speaking during the news conference. Image of Secretary of the Interior Ken Salazar at the Statue of Liberty is from Wikipedia.

India, the world's top gold importer, may have just turned net exporter over the last couple of months given the high level of exports of gold jewellery, medallions and coins from the country. Export of items of the yellow metal rose to a staggering $1.24 billion during March and April 2011.

Canada’s Dumas Contracting and JCHX Mining Management Co (JCHX), a leading Chinese mining contractor, have entered into a strategic alliance. The scope of the strategic alliance covers supporting Chinese clients with projects in Dumas’ core markets of Canada and Latin America. In addition, Dumas will provide its technical expertise in supporting JCHX on shaft-sinking projects in China.

Market Oracle reported on recent gains in shares of Molycorp (NYSE:MCP). The market news is quoted as saying: The price drivers today are plentiful: Financial Times reports that rare earth materials are being stockpiled in China, Piper Jaffray upgraded Molycorp to a buy, and a host of analysts piled on with positive assessments of the rare earth industry in general.

Passport Potash, Inc. (TSX VENTURE:PPI)(OTCQX:PPRTF) is pleased to report preliminary results from two core holes that have intersected significant potash deposits at relatively shallow depths in the Holbrook evaporite basin. According to chemical assay results obtained from Skyline Laboratories in Tucson, Arizona, PPI2011-04 ("Core 1") intersected 9.5 feet (1463.0-1472.5 feet) of 12.29% KCL which includes a 4.0 foot (1465.5-1469.5 feet) interval containing 18.28% KCL. PPI2011-6 ("Core 2") intersected 7.5 feet (1437.5-1445.0 feet) of 11.93% KCL within which includes a 2.5 foot (1439.0-1441.5 feet) interval containing 24.34% KCL.