20% increase in rough diamond revenue despite waning consumer demand
While long-term diamond demand may be slowing, this year rough-diamond prices experienced positive turn-around and prices of polished diamonds stabilized.
India, ranked among the top five global players in production of several major minerals, is poised for rapid growth in its mining industry - about five percent of the GDP.
However, lack of skilled workers is set to hit the industry, creating a demand-supply gap of over 2,200 people by 2025, according to a study on mapping of human resources and skills for the mining industry in India by Confederation of Indian Industry (CII).
The most active gold contract on the Tokyo Commodity Exchange, February 2012 , inched up after an earthquake of magnitute 8.8 struck the north coast of Japan, while the rubber contract for August 2011 barely moved, dealers said on Friday.
A landslide Saturday near Freeport McMorran's Grasberg mine left thousands of workers stranded, but was not expected to impact operations at the world's largest copper mine, a company spokesperson told Reuters:
A weekend landslide buried a key road access tunnel to Freeport-McMoRan Copper & Gold Inc's Grasberg mine in Papua, Indonesia, leaving thousands of workers stranded, but a company spokesman said operations were continuing as normal.
Freeport is the world's largest publicly traded copper miner, while Grasberg has the world's largest recoverable reserves of copper and the largest gold reserves.
Newcrest today reported a staggering intersection of copper gold - 883 metres grading 2.15% copper and 2.23 grams/tonne gold at its Wafi-Golpu project.
The project is part of the Morobe Joint Venture with Harmony Gold of South Africa and Wafi-Golpu is seen as the next project to develop after the now established Hidden Valley gold project in the Morobe region.
The massive Oyu Tolgoi copper-gold project in southern Mongolia is now expected to produce an average of more than 3 million ounces of silver annually during its first 10 years of commercial production.
In a news release Thursday Ivanhoe Mines CEO Robert Friedland said "Oyu Tolgoi will rank as a very substantial silver producer when commercial production begins in 2013."