Two consecutive days of surprise negative news this week tore strips off the share prices of South Africa’s two leading platinum mining companies.

Stock in both US Gold Corp and Minera Andes charged ahead more than 7% in morning trade on Friday after announcing that their respective shareholders voted in favour of a proposed business combination. The new entity, with projects in the US, Mexico and Argentina will be named McEwen Mining and headed by industry veteran Rob McEwen.

Peter Kent, Canada's environment minister on Friday referred Teck Resources's newly acquired Frontier Oil Sands project in northern Alberta to an independent review panel because of the propose mine's "potential for significant adverse effects on the environment. "

African Iron's board has recommended shareholders accept a $338 million takeover offer from Exxaro first announced on Jan. 11, The Australian reports:

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.

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.

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.

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.

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