Mining companies are expected to invest more than $116-billion in Canada over the next five years, an industry body said on Thursday.

Canada's Northgate Minerals reported a wider quarterly net loss of $13 million hit by lower production and higher costs, and it lowered its full-year production forecast. Revenue fell 45% to $67.4 million. In July, Northgate Minerals said it would buy Primero Mining to form a new mid-tier gold producer, which will have a combined market capitalization of approximately $1.2 billion and will tie together the San Dimas mine in Mexico; the Fosterville and Stawell gold mines in Australia; and the Young-Davidson gold development project in Ontario. Investors shrugged off the news and the Vancouver-based company's shares opened barely changed in Toronto at C$3.15 on Friday giving it a market valuation of some $920 million.

According to a new report by Research & Markets high uranium prices, paralleled by growing global demand for energy, will result in Namibia doubling its uranium production to approximately 12,000 tonnes by 2015 from the 5,300 tonnes the country produced in 2009. Namibia's extensive uranium deposits, coupled with the expansion of existing mines, will result in the country's uranium production increasing sharply in the short to medium term.

BioteQ Environmental Technologies, a leader in the treatment of industrial waste water, has come to an agreement with Minera México, a subsidiary of Grupo México, to provide water treatment solutions that support Minera México’s commitment for the sustainable development of its mineral resources.

Toronto’s main stock index closed down 435 points Thursday as Japanese intervention in the yen and concern over the spreading sovereign-debt crisis sent the U.S. dollar soaring, and oil and materials prices falling.

A wage agreement between De Beers Consolidated Mines and the National Union of Mineworkers (NUM) has been signed, the diamond producer said on Thursday.

AngloGold Ashanti Ltd. (ANG), which owns the world’s deepest mine, will within two years trial new mining methods in South Africa to access almost $118 billion worth of gold lying more than three miles underground as it expects gold prices to keep rising from this year’s record. The world’s third-largest gold producer wants to gain access to an estimated 70 million ounces of gold more than 3.1 miles below the surface to extend the lives of its South African mines. The metal is worth $117.6 billion at current prices.

Australian shares have fallen to levels not seen since the GFC as investors reacted to the carnage on Wall St and European markets overnight. The local market shed more than $50 billion on Friday, and around $100 billion in the week, the worst performance since November 2008. RBS Morgans private client adviser Bill Bishop said developed economies had reached a point where there appeared no clear way to avoid an economic downturn.

Peabody Energy Corp. is leaving the door open for a rival bidder to step in for Macarthur Coal Ltd. by offering less for the Australian mining company than it did last year, even as profit is projected to double.