Iron ore price drops as China steps up efforts to curb soaring commodity prices

BHP Billiton last week agreed to sell its U.S. shale oil and gas assets for $10.5 billion, while Rio Tinto appears on track to exit its troubled investment in the giant Grasberg copper and gold mine in Indonesia for about $3.5 billion.

Demand for mining as well as oil and gas equipment is so strong that the company said it was taking orders for delivery well into 2019.

The government lifted a moratorium for prospecting permits on 7,828 square kilometres on the northern part of the South Island.

BHP Billiton Ltd.’s $10.8 billion of deals to exit its troubled U.S. shale unit will allow Chief Executive Officer Andrew Mackenzie to shower investors with returns. It may also be a chance for him to bow out on top.

South Africa's President Cyril Ramaphosa on investment drive.

The iron-ore mining company is introducing a targeted dividend ratio policy of 50 to 75% of headline earnings.

Study released Tuesday by the Fraser Institute, British Columbia, Ontario and Quebec are the three main provinces where exploration permit processes have grown longer and less transparent over the past 10 years.

Law firm leading the action says it has more than 3,000 investors signed up to pursue the miner for losses.

"Not a typical financing vehicle for non-revenue generating exploration companies."