MINING.COM

Africa diamond mine scam implicates Korean ministers and execs who made quick $70 million

Originally touted as a 'model of successful resource diplomacy' Korea's successful 2010 bid for a diamond project in Cameroon now appears to have been an elaborate scheme that netted company insiders and senior government officials at least $70 million in stock trading profits.

Frik Els | January 20, 2012 | 1:38 am

How whetted is your risk appetite? Gold diggers explore the final frontiers

As attractive deposits become harder and harder to find in traditional markets miners are pushing the limits of the political risk they are willing to take on. But things can go spectacularly wrong.

Frik Els | January 19, 2012 | 11:50 pm

Ekati output down 29% as it enters twilight years

IDEX News reports BHP Billiton's Ekati diamond mine produced 481,000 carats in the last quarter of 2011, a 29% decline compared to a year ago. 80%-owner BHP Billiton wants to sell the mine, but Ekati could fetch only $300 million to $500 million a new report shows.

MINING.com Editor | January 19, 2012 | 11:30 pm

Sunshine Oilsands gunning for $700 million IPO on Hong Kong exchange

A Canadian oilsands company, Sunshine Oilsands, is turning to the Hong Kong stock exhange in hopes of raising between $500 million and $700 million through an IPO.

Andrew Topf | January 19, 2012 | 10:41 pm

Quadra FNX: Victoria Mine production up 16%

Quadra FNX Mining (TSX:QUX) has updated the resource at its Victoria Mine in Ontario, Canada.

Andrew Topf | January 19, 2012 | 10:05 pm

Summit mine ready for commercial gold/silver production

The Summit mine in southwest New Mexico is ramping up to commercial production this month.

Andrew Topf | January 19, 2012 | 8:41 pm

Oh no, world’s biggest emerald may not be so special after all

The Calagary Herald tracked down Shane McClure, a gemologist, for his opinion of the world's largest emerald that is being auctioned in Kelowna this month, and McClure is wondering if the emerald is actually dyed beryl, a mineral that is relatively worthless.

Michael Allan McCrae | January 19, 2012 | 4:39 pm

Freeport-McMoRan’s net income in 4Q halved but still finishes the year up

Freeport-McMoRan (NYSE:FCX), which operates the world's largest gold and copper mine in Papua, Indonesia, said that its 4Q net income tumbled to $640 million or 67 cents per share compared with net income of $1.5 billion or $1.63 per share a year ago.

Michael Allan McCrae | January 19, 2012 | 3:55 pm

How a diamond is like a champagne cork

Why don't diamonds burn up in the Earth's crust? Wired Science reports on new research revealing the secret behind the rapid ascent of diamonds as they are pushed up from deep below Earth's surface.

Andrew Topf | January 19, 2012 | 7:19 am

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