Fresh shake-up at Rio Tinto in aftermath of bribery probe

The Australian Senate approved today a mining legislation that imposes a 30% tax on coal and iron ore miners, allowing the government to take a larger part of profits from a mining boom pushed by Chinese and Indian demand for raw materials.

Mr Tom Albanese CEO of Rio Tinto as saying that company has shrugged off concerns about a slow down in Chinese demand for commodities, reiterating its faith in the Asian superpower's industrialization.

State-run Korea Resources Corp. (KORES) is planning to invest at least US$532 million (600 billion won) in mining projects abroad this yea, particularly in the coal sector of Indonesia and North America, reports Bloomberg.

Northern B.C. is about to pass Metro Vancouver for economic growth, according to a new forecast by Central 1 Credit Union.

A federal judge said Wednesday he was outraged over a plea deal that settles criminal charges against the operator of a Utah coal mine that experienced two lethal cave-ins in 2007 that killed nine people.

UK Coal's (LON:UKC) shares plunged by more than 28% in late afternoon trading after it revealed it was considering closing a coal mine in Warwickshire.

Japanese JX Nippon Oil & Energy acquired a 25% of diversified miner Xstrata Coal operations in Western Canada for US$435 million, creating a joint venture that will build the business and market coal in Japan.

While the sordid details emerging from the proceedings are humiliating enough there may be some serious financial implications for Gina Rinehart – mining's 4th richest person with a fortune pegged at around $18 billion – as well. On top of the tax loopholes in family trusts exposed by the Rinehart saga, it has also emerged that Hancock Prospecting has not submitted annual financial statements for the past two years.

MarketWatch quotes  Nomura economist Zhiwei Zhang as saying:  "Overall, economic conditions are getting weaker at a fast pace. The slowdown is happening faster than the government expected."