Reuters reports Anglo American on Wednesday sold a 24.5% stake in its southern Chilean properties to Japan's Mitsubishi Corp. for $5.39 billion, undermining plans by Chile's state-owned Codelco to exercise an option to buy half of it. Chile decided at the end of October, barely a week after Anglo American announced that the $2.8 billion they splashed on expanding their flagship Los Bronces mine will start to bear fruit before year end, to exercise the 33-year old option that has lapsed before, blindsiding Anglo. Anglo said the transaction values its Chile properties at $22 billion. Codelco was offering $6 billion for 50%.

Diavik Diamond Mines (DDMI) wants to harness the wind to help extract diamonds from beneath the earth. The company — which operates the huge Diavik operation in the Canadian Arctic through a joint venture between DDMI, Rio Tinto (LON:RIO) and Harry Winston Diamond Limited Partnership (TSE:HW)— said earlier this week it has begun constructing a wind farm at the mine to supplement diesel power.

Despite a pre-feasibility study packed with good news and an ever-louder drumbeat suggesting an imminent takeout, Western Potash sank 6.67% on Wednesday, a day the broader market managed to keep losses to less than 3%. Western Potash said on Monday it is upping the projected capacity of the Milestone project by 12% to 2.8 million tonnes per year and surprised by lowering its capex and opex cost projections. Scotia Capital commented that state-owned entities from Brazil, India and China could be interested in Western Potash to secure supply outside of Canpotex and Russian producers which together control around 57% of global supply.

A proposed coal mine near Hudson's Hope, BC, got a billion-dollar shot in the arm today. The BC government reports that CKD Mines, which is developing the Gething metallurgical coal project, will receive $1.36 billion through two separate investments coming from Chinese companies — the first, $860 million, is from CKD Mines, a partnership formed in 2010 that includes the Kailuan Group Co., Ltd, Shougang Group and Canadian Dehua International Mines Group Inc.

Gold for December delivery only briefly broke the psychologically important $1,800/oz level on Wednesday and in after hours trade pulled back sharply to trade at $1,770.50. Gold failed to take advantage of its traditional role as a hedge against inflation and a safe haven in troubled economic times, despite European Union finance ministers failing to make progress on ways to shore up the zone's sagging banks and Italy's deepening credit crisis. Bullion's failure to build on a three-day rally also comes after data out this week showed a quickening in demand from China's consumers who bought a record 56.9 tonnes in September, a sixfold increase year-on-year.

First Quantum Minerals (TSE:FM) is expanding its Kansanshi copper mine in Zambia. The company announced Wednesday that annual copper production will increase by 60% to 400,000 metric tons by the end of 2014, from its current 250,000 t/a, Fox Business News reported:

Iron ore prices have turned around after crashing 30% in October, but longer term the outlook is not rosy for smaller players thanks in large part to the aggressive go-to-market strategy of the big three.

Fortune Minerals (TSE:FT), the Ontario company behind a huge anthracite coal project in BC, has signed a cooperation agreement with a native group for its NICO gold--bismuth-copper project in the Northwest Territories, Canada. "The signing of this agreement expands on our existing long-term relationship with the Tlicho Government and the Tlicho people", said Fortune Minerals President Robin Goad. "The agreement lays the foundation for discussions on fundamental topics of interest such as the possible environmental and cultural impacts of the NICO Project on Tlicho owned lands."

Statoil, the Norwegian state-owned energy company, is selling an oil platform to the highest bidder. The Huldra platform is located off the coast of Norway, about 16 miles from the Veslefrikk field. A slightly over-the-top ad is on the company's website extolling the virtues of oil platform ownership.