International Business Times reports that the Afghan mining ministry is leaning heavily towards two state-owned Indian mining firms to develop the country's massive Hajigak iron ore mine: "Afghanistan's minister of mines Wahidullah Shahrani said Steel Authority of  India  Ltd. (SAIL) and mineral giant NMDC Ltd. were leading the pack of overseas companies from Canada, US and Iran. A third Indian company, Ispat Alloys, was also included in the shortlist."
The article says a SAIL-led consortium has bid for all four Hajigak iron ore blocks, and that the Karzai-led government is giving preference to companies that could set up a steel plant. The contract is estimated to be worth some $6 billion.

Calgary-based Laricina Energy said Friday it is seeking regulatory approvals for a 150,000 barrel-per-day expansion at its Germain oilsands project in northern Alberta. The three-phase expansion would add to the 5,000 bopd Germain Commercial Demonstration Project for a total production capacity of 155,000 bopd of bitumen from the Grand Rapids Formation.

The Globe & Mail reports local authorities in the Pakistani province of Balochistan refused to meet Tethyan Copper, a joint venture between Chile’s Antofagasta and Barrick Gold, for talks before rejecting a bid for one of the world's richest deposits of gold and copper at a remote site in the dry hills near the Afghan-Pakistan border, known as Reko Diq. Tethyan Copper said a “summary decision” by the restive province to reject a mining lease application for its Reko Diq project breached local rules and Pakistani law and has now filed a "notice of dispute." The company submitted a feasibility study earlier this year that indicated 22 billion lb of copper and 13 million oz of gold at the site. The Balochistan decision now paves the way for a Chinese consortium to construct a mine and processing facility.

The continued surge in the gold price amid financial market turmoil is seeing a dramatic shift in the pattern of gold buying and selling at the world's central banks. The Globe and Mail reports that after two decades of being net sellers of gold, central banks are now buying gold at a record pace reflecting deep concerns about the viability of the US dollar and the euro as stores of value: Official net purchases of gold exploded in the third quarter, totalling 148.8 tonnes, more than double the entire amount of government buying in 2010, the World Gold Council, a London-based industry association, said in a new report Thursday. “We are seeing what now looks like unprecedented levels of central bank buying,” said Marcus Grubb, managing director, investment, at the Gold Council. “We do believe this is a long-term trend. This is not just short-term, tactical buying.”

Production was halted temporarily at Hecla Mining's Lucky Friday silver mine due to an accident involving two contractors who were constructing an underground rock bin. The company said the accident occurred Thursday during construction of the #4 Shaft at the mine in northern Idaho.

Global miner Anglo American has risked its future in the world's largest copper producing nation by denying Chile's state-owned Codelco a 49 percent stake in its Sur unit, said Diego Hernandez, Codelco's chief executive on Thursday. Miguel Angel Durán, president of Anglo American’s Chilean operations, told a Chilean newspaper that the company wants to sit down with Codelco, the Chilean state mining company, and find a way to avoid years of litigation over Anglo’s Chilean assets. The copper giant is putting together a crack team of lawyers and financial advisers from Chile and New York to fight Anglo’s attempt to block it from exercising an option to buy half of Anglo’s Chilean copper assets for $6 billion. Anglo early in November sold 24.5% to Mitsubishi for $5.4 billion.

TORONTO, Nov. 18, 2011 /CNW/ - Great Lakes Nickel Limited ("GLN" or the Corporation") is pleased to announce that it signed an agreement today with Rio Tinto Exploration Canada Inc. ("RTEC") regarding an option by RTEC to acquire a 100% undivided interest in certain mining properties located in Pardee Township, Ontario (the "Pardee Property"). The basic terms of the agreement are that RTEC may exercise the option upon paying $5,500,000 to the Corporation over the course of seven (7) years, at which time it will grant the Corporation a 2% net smelter returns royalty.

South Africa's Lesedi Drilling and Mining Contracting Company focusses on employee safety and educating staff, and they believe this positions Lesedi ahead of its competitors, they report in today's press release.

"Safety has to be a culture in which people instinctively act in a safe way," notes the Lesedi website. "That can only happen if the top and middle management of the company live, breathe and champion safe working practices all the time and the people operating machinery are properly trained."

Marketwatch reports China’s leading market for precious metals trading increased its silver margin requirements Friday to a fresh high amid heightened volatility in precious metals. The Shanghai Gold Exchange lifted silver margin requirements to 18% of a contract’s value, up from 15% previously, according to data provided by ScotiaMocca, the metals unit of Scotia Capital. In morning trade in New York silver for December delivery was up 1.2% at $31.90 an ounce after retreating in East Asia and recovering from a 7% tumble on Thursday. Yesterday a Reuters poll predicted silver at $50/oz at the end of next year, exceeding the $48.61 record high set in April.