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Molycorp sells 50 times more rare earth oxides

Rare earths miner Molycorp on Thursday swung into profit in the second quarter as it ramped up production at Mountain Pass, California, once the world's largest supplier of the sought-after elements used in anything from iPods to stealth helicopters. Net income came to $48.8 million compared with a loss of $23.3 million a year ago. Revenue came in just shy of $100 million, compared with only $1.9 million a year ago. Commenting on the results the company said global demand for rare-earth elements remains "very high" and supply outside China, which controls more than 95% of world output, is tight.

Aurizon Mines gross profit up 45%

Aurizon Mines reported gross profits of $29.1 million in the second quarter, a 45% increase from the same period last year, while net profit was up 17%. Chief executive David Hall credited stronger cash flows due to better performance from the Casa Berardi mine in the Abitibi region of Quebec, Canada, where the company is deepening the shaft and conducting the largest exploration program in Aurizon's history. Aurizon produced 41,418 ounces of gold in Q2, an 8% increase from the same period last year, at cash costs of US$544/oz. Image of Aurizon Mines' Joanna project

Gold tumbles to $1,740 while stock markets bounce back strongly

Gold traders saw the precious metal lose over $60 in value today after gold dipped below $1,740 in afternoon trading. Yesteray gold broke through $1,800/oz. While gold was down, markets were up on strong corporate earnings and good U.S. job's data. The Dow Jones was up 5.16% and the S&P 500 was up 5.76%. The Canadian markets were up modestly. The resource-heavy S&P TSX rose 2.16%.

Odds against oil sands projects rapidly stacking up

Recent developments are rapidly stacking the odds against Alberta oil sands: the oil price has fallen 20% in one month, the gap between US crude and world prices hit a record on Wednesday above $24, the premium syncrude enjoyed in recent months is melting away and Canadian heavy oil's discount to US crude has widened to $15. The question now is how many of the $100 billion of oil sands projects in various stages of development will be completed or run at a profit when Canadian crude only attracts $60-$70 a barrel and could go lower. Sky-rocketing labour and equipment costs and a rising loonie could well turn out to be the proverbial last straw.

Bre-X defence lawyer faces disciplinary hearing

The lawyer who acquitted the geologist at the centre of the Bre-X scandal is facing a disciplinary hearing in Toronto for his conduct during the trial, which happened a decade ago. The Law Society of Upper Canada accuses Joe Groia of professional conduct for "incivility" during the trial, The Globe and Mail reported on Thursday: Mr. Groia, 56, criticized in previous court judgments for using “petulant invective” and “guerillia theatre” in the Bre-X trial, faces anything from a reprimand to the revocation of his licence if a three-member Law Society panel finds he violated the profession's rules.

B2Gold reports on second quarter 2011 results

B2Gold reported results from its operations for the second quarter ended June 30, 2011. Highlights were adjusted net earnings of $22.0 million ($0.07 per share); record cash flow from operations of $28.8 million ($0.09 per share); and an increase of cash and cash equivalents to $78.9 million at quarter end.

Nautilus granted exploration tenements in Fijian waters

Nautilus Minerals announced on Thursday that they were granted offshore exploration licences in Fiji. The Fijian Government has granted the company 14 special prospecting licences, covering a total of approximately 60,000 km2. The territory is considered highly prospective, having been the subject of marine research by Japanese, French and other scientific cruises in the late 1980s and early 1990s. The licences each have an initial term of two years.

New Earth Potash closes $5.4 million private placement

New Earth Potash announced the closing of a non-brokered private placement successfully completed largely due to the efforts of PowerOne Capital Markets Limited. The private placement consisted of 21,575,000 units at a price of 25 cents per unit for aggregate gross proceeds of $5,393,750. Each unit consists of one common share of the company and one-half of one common share purchase warrant.

Innovative documentary shows zinc mining town being ‘erased’

The Web documentary "Welcome to Pine Point" by combining video, photographs, text, music and narration and then blurring the boundaries among them, pushes storytelling and documentary filmmaking into new territory. "Welcome to Pine Point" is the story of a small lead and zinc mining town in Canada's Northwest Territories that physically disappeared from the map after the mines closed in 1988. The first buildings were erected in 1952 and at its peak it had 1,200 inhabitants.