Esther Tanquintic-Misa

The gloomy scenario of the world's rare earth metals (REM) industry, compounded by a shrinking supply and expensive market prices, have pushed consumers to scout alternative materials to aid their respective manufacturing activities that mostly rely on the precious REM.

After acquiring a 10 per cent stake in a rare earth metals (REM) mine project in South Africa with Canada's Frontier Rare Earths Ltd., Korea Resources Corporation (KORES) of South Korea advanced further to increase its stake allocation to 30 per cent in the Zandkopsdrift project.

The Bank of Korea, South Korea's central bank, for the second time this year, raised its holdings of gold in November as part of measures to diversify its portfolio of foreign exchange reserves. In a statement on Friday, the Bank of Korea said it purchased 15 tonnes of gold for $850 million in November, four months after it bought an initial 25 tonnes for $1.24 billion between June and July, its first over a span of 13 years.

The Philippines has announced it would be needing at least $600 million in investment funds for its planned offering of 30 coal exploration projects.

Vietnam will slash its coal exports by 18.2 per cent next year from this year's projected shipments to 13.5 million tonnes in order to save supplies for domestic consumption in anticipation of new thermal power plants going online in the next few months.

Anglo-Australian miner Rio Tinto Ltd. has succeeded in its $654-million takeover bid for Canadian uranium miner Hathor Exploration and its Roughrider uranium project after rival bidder Canadian Cameco Corp. backed out of the bidding war.

A new round of anxieties will likely occur in all nations and global markets as China released its official manufacturing index showing a drop in November, by all means an indicator that the world's second-largest economy is suffering a contraction for the first time since its last under-50-percent reading in nearly three years.

Eco Oro Minerals of Canada announced Wednesday it had intersected high-grade gold and silver from its Angostura gold deposit, located in northeastern Colombia.

Russia's biggest steelmaker, OAO Severstal, announced it is set to separate Nord Gold N.V. subsidiary from its integrated steel operations, as well as possibly list the latter in the London Stock Exchange.

China, largest consumer of the world's total energy output, will raise for the first time in two years prices for industrial power and thermal coal in a bid to ease power shortages and lower financial pressure on power companies.

In a study presented at the 17th U.N. conference on climate change in Durban, South Africa, an alliance of environmental groups warned that efforts will be in vain as long as banks are willing to finance expansion of the coal industry, one of the world's biggest sources of greenhouse gases.

The current slump in the global prices of rare earth metals (REM) is a more than open indication the global market is now poised for a renewed growth demand in the sector, Nicholas Curtis, chairman of Lynas Corp., explained to shareholders at its annual meeting on Wednesday.

Exports of rare earth metals (REM) from China stood at only 11,000 tonnes from January to September, accounting for only 40 per cent of the overall export quota for 2011. Latest figures likewise showed a 65 per cent fall year on year.

The fiscal crisis now hitting the Eurozone has not only immobilized the region and sent panic jitters to other nations, it has also rendered shipments of a majority of Chinese exporters to slump in the past few months, data from a newly released survey showed.

A group of Chinese enterprises, led by the Aluminum Corporation of China (Chinalco), is eyeing to develop the Simandou iron ore project in Guinea in West Africa.

Mining explorations at different points across Iran have yielded discoveries of some 60 tonnes of gold reserves pegged at around $3.6 billion value, Iran's Geological Survey announced

Difficulties experienced from meeting stringent requirements and securing state approval in trying to construct a land-based receiving terminal has prompted the China National Offshore Oil Corp (CNOOC Group) to build the country's first floating liquefied natural gas (LNG) receiving and storage facility.

Japanese trading house Mitsui & Co. on Tuesday said it is targeting to sell to the Japanese market some 5 million tonnes a year of liquefied natural gas (LNG) from a major field project in offshore Mozambique.

A consortium of seven Indian companies, led by state-owned Steel Authority of India (SAIL), has been awarded the mining rights to develop the huge Hajigak deposit in Central Afghanistan.

U.S. rare earth metals (REM) miner Molycorp Inc. announced on Monday it has entered a deal creating a joint venture with Japanese companies Daido Steel Co. Ltd. and Mitsubishi Corp. to manufacture and sell high-powered rare earth magnets that targets the automotive and home appliance markets.

The solar thermal industry at the world's second-largest economy is poised to grow by as much as 17.6 percent higher in 2011 to reach 57.6 million square meters, compared a year ago, according to an industry expert.

China is mulling to invest nearly 18 billion Yuan ($2.82 billion) to exploit minerals in Eastern Tibet's Qinghai region in the next five years. This came almost three months after Beijing announced in August plans to intensify mining efforts in the Tibetan Autonomous Region.

It's now all systems go for BHP Billiton Ltd after the South Australian Parliament on Tuesday passed a controversial legislation that would expand its Olympic Dam copper and uranium mine project into the world's largest open-cut operation.

Angola LNG is eyeing to market to non- U.S. buyers its first production of liquefied natural gas (LNG) that is expected to come out early 2012.

Australian gold miner Gold One International had announced it is confident of meeting 2011 target goals of producing 120,000 gold ounces. It said its actual output could even overtake the target quota in the next few weeks.

Difficulties in sourcing funds as well as seeking buyers and regulatory approvals have taken a toll on Woodside Petroleum Ltd., Australia's second-biggest oil company after BHP Billiton Ltd.

Australia may well sit back and relax as its mining sector will continue to support its economic stability in the next five years at least.Latest data from the 'Mining Industry Major Projects - October 2011' report of the Bureau of Resources and Energy Economics (BREE) showed committed capital investment into the country's already booming resources industry grew 34 per cent to A$231.8 billion (US$229.8 billion) in the six months ended Oct. 31.

China Guangdong Nuclear Power Co. have struck an agreement with Namibia's Epangelo Mining Co. to try to secure a ten per cent stake in Husab, the world's fourth biggest uranium deposit.

China has no plans to lift the limitations it set on its property market. At least not yet.