Canadian resource companies have less optimism than they had during the summer, according to the Bank of Canada's Business Outlook Survey, which was released on Monday. "Responses to the autumn survey point to less optimism among firms than in the summer survey, as weaker expectations for U.S. growth and a more uncertain global outlook weigh on business sentiment. Indicators of future business activity, capacity constraints and price pressures have all moved down from the levels recorded in the previous survey," wrote the survey's authors. Miners and other resource firms expect commodity prices will rise less rapidly over the next 12 months.

IAMGOLD Corporation, which produces nearly one million ounces of gold each year, is looking is looking for projects capable of 150,000/oz of gold per year and has two million oz of reserves. The company made the announcement during a corporate presentation in October. Bloomberg reported that the company is looking for transactions in the range of $300 million to $500 million.

SSI Shredding Systems had a video go viral when it uploaded a film of the company building a large shredder and then letting it loose on a variety of items. The video has had an astonishing 2.3 million views since it was uploaded nearly four years ago. SSI Shredding claims that the "Monster" is one the most powerful shredders on earth.

North Bay Resources Inc. (OTCBB: NBRI) ("North Bay" or the "Company") is pleased to announce that it has signed a Memorandum of Understanding ("MOU") with Devlin's Bench Mining Ltd and P. Wright Contracting Ltd ("PWC") to enter into a joint-venture on North Bay's Fraser River Platinum Project in British Columbia. The Fraser River Platinum Property is located near Lytton in south-central British Columbia, Canada, and covers approximately 4.5 kilometers of placer claims along the Fraser River. The property includes the Van Winkle Bar, from which BC MINFLE 092ISW078 and BC Open File 1986-7 have documented historical assays of 5681 grams (182.67 ounces) per tonne platinum from black sand concentrate.

New Gold Inc. ("New Gold") (TSX:NGD)(NYSE Amex:NGD) and Silver Quest Resources Ltd. ("Silver Quest") (TSX VENTURE:SQI) today jointly announce a binding letter agreement whereby New Gold will acquire, through a plan of arrangement (the "Arrangement"), all of the outstanding common shares of Silver Quest. Under the terms of the Arrangement, Silver Quest shareholders will receive 0.09 of a New Gold share (the "Share Consideration") for each Silver Quest share held and one common share in a new Yukon-focused precious metals exploration company, McIntyre Minerals Inc. ("McIntyre") for every three Silver Quest shares held (the "Spinco Consideration").

Hong Kong’s Chinese Gold & Silver Exchange Society, a century-old bullion bourse, will start trading gold quoted in yuan today, boosting the city’s status as an offshore hub for the currency.

Mining M&A is heating up with more takeover rumours, says The Australian, quoting a report from UK-based newspaper The Sunday Times. The Times reported that BHP Billiton (NYSE: BHP), the world's largest miner, is close to launching a $1.3 billion bid for Ferrous Resources, a Brazilian iron ore producer controlled by a number of international hedge funds including Philip Falcone's Harbinger Capital. According to The Australian, Ferrous is valued at some $3.9 billion, with the company "needing to spend about $5bn developing its Viga mine in Minas Gerais state in Brazil, which would include a 400km slurry pipe to carry the ore to its own port at Presidente Kennedy in nearby Espirito Santo state."

BHP Billiton has convinced the New South Wales state government to carve out a piece of a proposed national park to be used for coal mining. Sydney Morning Herald reported that "the Minister for the Environment, Robyn Parker, confirmed a finger of the proposed national park reaching to the Georges River will be left to the company for longwall mining. Another swatch of land in the centre of the park will also be mined under the compromise, but there would be no undermining of the national park."

More labour unrest is brewing at South African mines. Reuters reports that workers poised to strike at 16:00 GMT today at Xstrata's operations across the country. The strike is over an employee share ownership program, Reuters said, quoting a union spokesman. More workers are expected to down tools at the start of the Monday morning shift.