TIMELINE: Offshore oil drilling history

Two reports out on Thursday suggest that iron ore is far from being merely a relic of the industrial revolution and still plays a central role in the world economy and the commodities markets. Reuters reports top investment bank Goldman Sachs is preparing to enter the physical iron ore market and the FT says the so-called commodities bible – Cyclope’s World Commodity Yearbook – just published in English is a testament to how the pricing of iron ore from secretive negotiations and annual contracts to prices linked to the spot market constitutes a “true revolution”.

New York Mayor Michael Bloomberg who has a personal fortune of some $18 billion joined with the environmental lobby group Sierra Club on Thursday in a $50 million, four-year plan to cut one-third of US coal-fired power plants. "If we are going to get serious about reducing our carbon footprint in the United States, we have to get serious about coal, " Bloomberg said. Rolling Stone reported that he was standing on a boat on the Potomac river not far from a 60-year old coal-fired power station to drive his message home.

Cliffs Natural Resources’ plans to restart coal mining operations at its Pinnacle coal mine in West Virginia after a major setback with regulatory agencies turning down its remediation plan to address the carbon monoxide detected in the mine. The company had to shut down operations at the underground mine in late May after high levels of the poisonous gas were detected.

Eleven firms have been pre-qualified for a concession to manage the Mui Basin coal deposits in Kitui and construct coal-fired power plants as the government steps up efforts to reduce the country's reliance on hydro electricity. The investors, drawn from South Africa, Japan and China are expected to submit proposals to explore and develop the coal resources in four blocks covering an area of 500 square km in parts of Eastern Kenya.

The federal government is set to announce Thursday a comprehensive environmental monitoring plan for the oilsands that will boost tests on water, air, animals and plants — and seeks to spruce up the international reputation of the massive bitumen resource. According to government sources, the $50-million "integrated oilsands environment monitoring plan" developed by teams of scientists will spur increased scrutiny of everything from acidification in lakes to the health of fish — across provincial and territorial boundaries.

COAL seam gas protesters have accused the prime minister of being too gutless to talk to them about an industry they say is a threat to Australia's food security. Julia Gillard attended a community forum at Ipswich, southwest of Brisbane today, but avoided 30 rowdy protesters by going in and out a back door. Waving placards reading "Can't eat coal, can't drink gas", the protesters had hoped to pressure Ms Gillard over a moratorium on CSG projects until environmental effects are better understood.

Imperial Oil’s plan to truck huge pieces of oilsands mining equipment through Montana and into Alberta has hit a speed bump. Montana Fourth Judicial District Court Judge Ray J. Dayton issued a ruling Tuesday that prevents the state’s Department of Transportation from granting the permits required to transport the oversized loads.

Paladin Energy, the ASX- and TSX-quoted uranium miner, said on Wednesday that production for the year ended June rose 32% to 5.7-million pounds, but was lower than expected because of heavy rainfall at its Namibian mine and “mechanical issues” at the Kayelekera operation in Malawi.

South Africa's Environmental Affairs department on Wednesday defended granting Coal of Africa approval to resume construction at the controversial Vele opencast project near Mapungubwe, saying science, not emotion, was behind the decision. Mapungubwe is a World Heritage site and home of the golden rhino figurine (pictured) that dates back to around 1000 AD when Southern Africa's earliest kingdom flourished. Construction of the mine were halted in August last year when it was discovered the Australian company did not comply with aspects of environmental management laws.