China moves to cool rally as iron ore prices explode

Iron ore shipments from the world's biggest export terminal rose to 45 million tonnes in May from 42.6 million tonnes in the previous month.

Transiting Voisey's Bay nickel mine from open-pit operations to underground will cost about $2 billion, and is expected to extend its productive life to 2035.

But port stocks hit new record.

Government and company officials told CBC News that a "significant" mining announcement would take place on Monday.

Move comes a day after Fortescue Metals said it had built a stake in Atlas large enough to block a takeover.

Michel Temer is expected to issue a decree next week introducing key changes to mining rules that date back to the 1960s.

Fortescue said it had agreed to buy a 15 percent stake in Atlas at A$0.04 per share, or A$55.7 million.

The companies are committed to explore for mineral deposits first in the Asian country and then the rest of the world .

Global miners face a new reality in Brazil as local, judges included, react quicker and more ferociously to legal infractions.