Southern Silver Exploration reported today that it has increased its previously announced private placement (see news release NR-07-11) and now plans to issue up to 23,530,000 units in a non-brokered private placement at a price of $0.17 per unit to raise $4,000,100. Each unit will now consist of one common share and one whole share purchase warrant. Each warrant will be exercisable to purchase one additional common share for a period of two years at an exercise price of $0.22 per share.

It is reported that Russian mining and steel producing company Evraz Group is going to build a new section rolling mill in southern Russia. The production capacity of the mill is expected to be 450,000 tonnes of products per year.

A buildup of volatile gas hampered rescue efforts in one Chinese coal mine and water continued to pour into another as emergency crews raced to reach 42 people trapped yesterday for a second day, officials and state media reports said. The accidents — a cave-in at one mine and a flood at the other — occurred on Saturday in two southern provinces after days of heavy rains.

Widely respected economist in China, Li Yining of Peking University, has joined a chorus of advisers urging the Chinese government to increase the country’s gold reserves as a hedge against inflation of foreign currencies. “China should increase its gold reserves appropriately, and China must take every chance to buy, especially when gold prices fall,” Li told China’s Xinhua news agency.

The African Chamber of Mines said that South Africa's gold output during the first quarter of this year fell 9.3 percent to 44,682.7 kg compared with a revised 49,245.4 kg produced in the fourth quarter last year. Africa is known for its large gold mines

Northern California gold mine that has been a tourist attraction for years could go back to mining as high gold prices boost the promise of profits. Sutter Gold Mining Inc. has lined up $20 million in financing to restart operations. Image is from Wikipedia, a map of the gold regions of California.

Reuters reported that global volume of iron ore swaps may jump to 80 million tonnes by 2015 around four times last year level as interest in the hedging tool rises. The projected volume represents nearly 13% of China iron ore imports of more than 618 million tonnes last year.

Warning that 80 per cent of the country's power plants face the risk of a default due to coal shortages and environmental issues, a body of power producers has petitioned the government for an expert group to review contracts awarded under through the competitive bidding route.

Exchange traded funds that invest in platinum and palladium were lower in the first half of 2011 on concerns about the global economy, the Japan earthquake and the European debt crisis. Platinum and palladium are precious metals like gold and silver. However, they are also favored for their industrial uses, such as automobile production.