Stunning photos of Poland’s kings of coal

Three years before it has yet to really produce coal, the northern Galilee Basin is already fully booked to Indian and Chinese coal mining companies. The Australian Newspaper said India's Adani Group already owns some 7.8 billion tones into the Queensland coal field, and is poised to pay an additional US$1.3 billion for a 7.9 billion-tonne coal tenement. While Australian billionaire Clive Palmer owns some 3.7 billion tones into the field, which reports say he is developing with Chinese business partners. The northern Galilee basin has a total of 20 billion tonnes production capacity.

China's position as the world's economic engine is being reinforced as expectations for growth in developed markets wane, but so is the risk a decline in its appetite for metals and minerals may mean the Asian giant won't offset any Western slowdown.

MPX Energia SA, the energy company controlled by Brazilian billionaire Eike Batista, said it’s targeting China as the “main market” for the coal it will produce in Colombia.

Despite order books that are full and robust commodity prices, Rio Tinto says that customer sentiment is now more cautious and physical markets are softer than they were six months ago. Executives from Rio Tinto, one of the world's largest diversified miners, voiced their concerns at an investor seminar in London and New York on Tuesday. The company is finding that customers are concerned over the health of the OECD economies and persistent volatility in financial markets.

Australia cut its forecast for coking coal production in fiscal 2012 as recovery from natural disasters takes longer than expected but lifted its projection for iron ore production a touch.

Reuters reports BHP Billiton will face work stoppages at all its Queensland, Australia coal mine operations next week ahead of an employee vote on a contract, a workers union said on Monday. The world's largest miner has reached an impasse with the Construction Forestry Mining and Energy Union (CFMEU) over wages and job security provisions; the union approved work stoppages at mines operated by the BHP Billiton- Mitsubishi Alliance (BMA) in June.

Premier Christy Clark announced on Monday a $15-million contribution for a $90-million road rail utility corridor project, phase one of a planned $300-million development at the Port of Prince Rupert. The $90-million Road Rail Utility Corridor Project will expand Ridley Island's terminal capacity to help meet growing demand from Asia for Canada's natural resources. The project includes construction of new inbound and outbound rail lines and the extension of on-site rail and utilities. The BC government says that the investment will create over 570 direct construction jobs over the life of the project and will further provide up to 4,000 operational jobs after all construction is complete.

New economic numbers from India, the latest forecasts for the country's voracious appetite for gold, iron ore and in particular coal and its plans for a sovereign wealth fund to look at mining deals abroad mean that the GVK-Rinehart tie-up could be the first of many.

The Daily Mercury reports Rio Tinto executive director Sam Walsh says the mining industry has to live with the new resources tax as the best deal that could be done with the current government. The final tax rate had been reduced from 40% to an effective 22.5% rate in the minerals resource rent tax (MRRT), he told the meeting organised by the American Chamber of Commerce in Australia. At a breakfast meeting in Perth on Tuesday, Mr Walsh defended his company's role in closing the tax deal, saying junior miners left out of final negotiations now have a chance to have their concerns heard. On top of the MMRT, Australian miners also have to contend with a proposed carbon tax set to kick in mid-2012.