Minerals exploration in Australia jumps as supercycle looms

The amount is linked to what is known as “transfer pricing” between Rio Tinto’s Australian operations and its Singapore office.

The mining industry still received 29% of the Canadian province’s top-grossing corporate financing deals.

While the company had other projects in the country, the Bayan Khundii gold project went from greenfield prospect to being its main asset in roughly nine months.

Deal will also see the two firms looking at jointly developing the nearby Pascua-Lama gold, silver and copper project and evaluating additional investment opportunities in the area.

Tungsten, tin, tantalum and gold are now also being illegally extracted and traded at sites under the control of armed groups in countries including Myanmar and Colombia.

Experts expect the country, which accounts for more 30% of the world's copper supply, to produce 5.4 million tonnes of the metal in 2017, slightly down from the 5.5mnt it yielded last year.

Together these giant orebodies contain reserves worth $796 billion at today's gold price.

Newmont Mining Corporation has appointed experienced miner Alex Bates to lead the company’s business in Australia.

The new law, which will come into force in 2021, requires importers to ensure their business do not contribute to armed conflicts.