MINING.COM MINUTE: Biggest stories of the week

The blast took place at a mine located in Iran's northern Golestan province on Wednesday morning.

Industrial and precious metals, coal, oil, as well as natural gas, collectively accounted for just 6.2% of foreign direct investment into the continent last year.

The end of the Labour Day holiday in China saw fresh demand for iron ore and steel, with both commodities rising in tandem today.

Up 10% in two weeks.

Net income totalled $2.5 billion, compared with profit of $525 million in the prior three months and almost $1.8 billion a year earlier.

The miner said decision was unrelated to Elliott Management's call earlier this month to unlock shareholder value by spinning off about $22 billion of BHP's US oil assets.

BMI Research expects prices to continue sliding for at least the next five years on rising supplies from Australia and Brazil and expectations for a surplus.

The giant equipment maker's quarterly profit surged past estimates helped by a recovery in most of its end markets.

Both iron ore and diamond output rose in the first quarter thanks to a continued ramping-up of the company's Minas Rio mine in Brazil and improvements in the gem market.