Benchmark 62% fines up 3% and premiums for high quality lump ore jump to 11-month high.

Walsh emphasized Rio was not planning any major acquisition to protect itself from a potential takeover by the commodity trader and miner rival.

Miner is dropping coal operations to focus on iron ore.

The stock closed in Sydney below the $30 mark, which is the lowest it has traded in the last five years.

Iron ore project will remain suspended until the company either releases $102 million in restricted cash or can secure other short term funding.

Already clobbered by the mining sector's woes, the crude oil slump could't come at a worse time for the resources equipment and services industry.

By promising top shareholder Chinalco, Rio's stakes in Oyu Tolgoi and Simandou.

Founding managing director Mike Young among the ones leaving the company.