Gem Diamonds' Letšeng mine continued to polish its reputation as the world's richest source of large diamonds, the London-listed company reported in a management statement covering July to October. 15 diamonds were found that were sold for more than $1 million and 50 roughs fetched prices greater than $20,000/ct;  one fancy pink went for $156,000 /ct.  Letšeng also recovered 171 diamonds greater than 10.8 ct in size. Excluding the 550ct Letšeng Star sold for $16.5 million last month, the mine averages sales of $2,425/ct. No wonder then that the board will meet this month on a feasibility study expanding capacity 75%.

Reuters reports leaders in Peru's Cajamarca region demanded on Wednesday that Newmont Mining and partner Buenaventura abandon their $4.8 billion Conga project after talks with the central government broke down. The president of Cajamarca said massive protests will be held next week. In October, Newmont was forced to briefly shut down adjacent Yanacocha, South America's largest gold mine over the protests. Conga would be the biggest investment ever in Peru mining and is a crucial test for the country's new president Ollanta Humala, who campaigned on ending conflicts over natural resources.

Chinese-run copper mines in Zambia are routinely mistreating workers and breaking the law by imposing up to 18-hour shifts and flouting international health and safety standards, according to a report from Human Rights Watch. The 122-page report draws on interviews with miners from the country's four Chinese copper operations and the 48 other mines operated my multinational companies. The Chinese companies are subsidiaries of China Non-Ferrous Metals Mining Corporation (CNMC), a state-run firm.

ZeeNews report the world's largest steel-maker ArcelorMittal on Thursday reported a dip of over 51% in net income to $659 million for the quarter ended September 30, 2011, due to rising raw material costs and a fall in demand. The Indian giant also said it will face increasing pricing and volume pressures in the final quarter and is idling production as a result – it has mothballed eight furnaces in Europe and permanently retired another just over the last two months. Arcelor's gloomy outlook prompted one analyst to observe: "We're in a very dark market environment right now."

Coal of Africa raised US$106 million after placing 130 million ordinary shares representing 24.4% of CoAL's issued share capital prior to the placing. Coal of Africa operates coalfields in the Mpumalanga Province in South Africa. It runs two collieries and is advancing other projects. John Wallington, chief excecutive officer of the company was pleased with the placement.

Suncor Energy Inc. (NYSE:SU), Canada's largest energy company, announced third quarter record earnings of $1.287 billion or 82 cents per share. Operating earnings almost tripled to a record $1.789 billion or $1.14 per common share. On the news, which was announced on Thursday, the company's shares were up 1.8% to $31.88. Production from oil sands was a bright spot for the company with an increase from 306,600 to 326,600 barrels a day; however cash costs increased $3.30 a barrel.

Ripples of the Fukushima nuclear disaster are still being felt in the uranium sector. French nuclear power company Areva (AREVA:PA) said on Wednesday it is suspending a uranium project in the Central African Republic due to slumping uranium prices, which are down about 30% since the disaster in March. The accident at the Fukushima Daiichi plant following the Japanese earthquake and tsunami has taken the steam out of uranium mining and nuclear power which prior to the accident had been touted as a safe and economic alternative to fossil fuels.

London-listed ENK has announced the first nickel production from its Acoje pilot plant located 250 km north of Manila in the Philippines. Approximately 50 kg (dry weight) of nickel hydroxide product (NHP) was released from the filter press on October 25.

Perseus Mining (TSE:PRU), a West African gold explorer and miner, completed a Can$81.25 million equity offering. The offering, 25 million ordinary shares at Can$3.25 each, was underwritten by a syndicate of underwriters co-led by Clarus Securities Inc., Dundee Securities Ltd. and CIBC World Markets Inc. Funds will be used to develop the Sissingue gold deposit at the Tengréla Gold project, as well as for general corporate purposes.