TanzaniteOne in talks with Tanzania over rough stone ban

Aim-listed Tanzanite One has opened a cutting and polishing facility in Tanzania, after the government banned the export of rough tanzanite larger than 5 ct.

The gemstones producer on Monday reported that the cutting facility was commissioned in December, and that 216 ct were polished.

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BHP, Rio Tinto investors want cash, not deals – report

Investors have written to BHP Billiton and Rio Tinto to say the miners should ditch ambitions for mega deals in favour of multi-billion pound share buyback schemes, The Sunday Telegraph reported.

The newspaper said shareholders, which it did not name, have asked for commitments from the group’s boards that they use their strong balance sheets to return cash to investors.

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Jupiter raises A$150m for Tshipi project, WA exploration

ASX-listed Jupiter Mines has raised A$150-million through a share placement to develop its Tshipi Borwa manganese project, in South Africa, and to fast-track both the Mount Ida manganese and Mount Mason direct shipping ore projects, in Western Australia.

Chairperson Brian Gilbertson said on Monday that Jupiter’s portion of the capital required to build the mine, plant and infrastructure at the Tshipi is expected to be $100-million, out of the $200-million needed to enable a production of up to 2,4-million tons of manganese lump and fines.

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Sundance confirms talks with Posco to develop Mbalam

Africa-focused iron-ore developer Sundance Resources on Monday confirmed that it was in negotiations with South Korean steelmaker Posco regarding a possible strategic partnership for the Mbalam iron-ore project, on the border of Cameroon and Congo.

Sundance was responding to an article by newswire Reuters, which quoted a Posco official as saying that it had agreed with Cameroon to jointly develop iron-ore in Mbalam, in a project which could produce 35-million tons a year.

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Gold firms after rally on Egypt, ETF at eight-mth low

Gold edged up on Monday, extending gains seen in the previous session as buying continued on fears the unrest in Egypt will spread across the Middle East, but selling in the physical side and a drop in exchange traded funds (ETF) holdings to an eight-month low capped gains.

Silver was at a one-week high, tracking gold which notched up its biggest gain in eight weeks on Friday. The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings slipped to 1 224 118 tons by January 28, its lowest since May of last year.

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Perkins succeeds Dreyer as Firestone Energy chair

Coal explorer Firestone Energy has appointed David Perkins as its chairperson to succeed John Dreyer, who has stepped down.

Perkins, who is an existing nonexecutive director, was elected to the position of chairperson by his fellow board members, Firestone said in a statement on Monday.

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Strong prices allows for higher output at Gemfields’ Kagem mine

Aim-listed Gemfields said on Monday that production for the first six months of its 2011 financial year at 18,7-million carats had exceeded its entire prior year’s production of 17,4-million carats.

A significant increase in gem prices, owing to a continuous increase in demand, especially from Asian giants China and India enabled the increase in production, with the company producing 5,9-million carats for the quarter ended December 31, 2010, and 12,8-million carats during the previous quarter.

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Shanghai copper rallies 2,5% to highest in nearly 4 years

Shanghai copper rallied 2,5% on Monday to its highest since May 2007, while London futures pushed higher, about $100 short of its record high, ahead of week long Chinese holidays starting Wednesday.

Shanghai’s most-active copper futures contract, April, rose 2,5% to 73,610 yuan a ton, while three-month copper on the London Metal Exchange rose almost half a percent to $9,696 a ton, just shy of its record $9,781.

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Strong physical demand to underpin volatile gold prices.

After hitting the lowest level in four months, gold bounced on Friday demonstrating how volatile daily moves can be. But, despite this, gold’s fundamentals remain strong.

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Gold rally slips as safe-haven buying wanes

After posting its largest daily gain in eight weeks on Friday, Gold weakened after a fill up on the back of the unrest in Egypt

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