Mining World

Gold headed for a fifth weekly advance, the longest winning streak since November 2007, reported Bloomberg, as investors bought precious metals and other commodities on the expectation that an economic recovery will jumpstart inflation.

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Talking to Goldcorp CEO, Chuck Jeannes, at the Denver Gold Forum it is apparent that most of the principles set in place many years ago by former CEO, Rob McEwen, remain in place at this extremely successful Canadian-based gold miner, one of the largest in the world.

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There may be around 3,000 registered individual liquidators in South Africa, but somehow, a literal handful have a canny way of being appointed to the very biggest cases, where liquidator’s fees can run to R100m and more. Such is the recent case of Pamodzi Gold, where Enver Motala of SBT Trust, Alan Pellow of Westrust and Deon Botha of Corporate Liquidators were appointed as three of the provisional liquidators.

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China’s iron-ore imports slipped 15% in August from a record in July to their lowest in six months, displaced by growing domestic output which fed record steel production.

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Industrial metals tumbled on Thursday, with copper losing as much as 3 percent of its value, as doubts about the pace of recovery and persistent increases in inventories reignited concerns about near-term demand prospects.

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Gold cracked $1,000 an ounce this week. A concern about faster inflation and the dramatic stock-market decline that devastated 401(k)’s and individual retirement accounts begs the question: Is gold a good retirement savings vehicle?

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China’s iron-ore imports slipped 15% in August from a record in July to their lowest in six months, displaced by growing domestic output which fed record steel production.

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China currently has 20-30 percent excess production capacity of both primary aluminium and alumina, Xiong Weiping, the chairman of China’s top aluminium firm Chalco (2600.HK) told Reuters on Friday.

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China imported 49.68 million tonnes of iron ore in August, down 14.5 percent from a monthly record hit in July, the customs authority said on Friday.

Steel product exports grew 15 percent from the previous month to 2.08 million tonnes in August, but were 73 percent lower than the same period last year, as financial woes hit the global economy.
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AIM-listed Kalahari Minerals expects the Rossing South project in Namibia to become the world’s second-largest uranium deposit following recent exploration results, Executive Chairman Mark Hohnen said.

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As a global equities subsector, listed mining stocks have risen by higher percentage points from lows - generally seen in the closing months of 2008 - than practically all other subsectors. Where the world’s top 100 miners, by market value, have to date put on a bounce of an average 147% from lows, the very broad MSCI world equities US$ dollar index has moved more modestly by 55% higher from its recent multi-year lows, seen during March this year.

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While BMO Capital Markets’ Don Coxe believes most U.S. equity groups are due for a correction that could be quit prolonged, "we remain bullish on Emerging Markets as an asset class, and on commodities and commodity stocks."

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