MINING.COM MINUTE: Biggest stories of the week

Vedanta Resources’ chairman Anil Agarwal allegedly approached Anglo in several opportunities earlier this year to discuss potential tie-ups.

Deal comes at a time of improved steel demand from China and mimics an effort by the UK government to rescue Tata Steel's Port Talbot operations to save jobs.

Check out these three GIF charts that show how fast China climbed the economic ladder

The miner said its turnaround plan was “on track” as it slashed debt and beat earnings forecasts in the first half of the year.

With this jump, the commodity's gains are close to 9% for the week and almost 40% so far this year.

China Miners' Association want action against Vale, Rio Tinto and BHP Billiton for flooding domestic market with cheap ore.

CAT said commodity prices remain on the low end and had yet to translate into increased mining activity or higher demand for equipment.

The company however is still debating whether to sell or spin off its majority stake in Kumba Iron Ore Ltd, Africa's top producer of the commodity.

Most of them have been after existing operations and companies, rather than trying to build mines from scratch.