Rio Tinto cancels plans to sell or take public its Canadian iron ore unit

Deal should help bolster Australia's already strong links to Asia and the ongoing 'rebalancing' of the nation's growth towards the non-mining sectors.

Closing the mine will cost $650 million to $700 million over the next five years.

Being eligible for “enhanced Government of Canada economic diplomacy.”

Drops to June 2009 levels on the way to $70 a tonne after Chinese house prices fall for sixth month in a row.

The mine and rail project in Queensland's Galilee Basin is expected produce 60 million tonnes of thermal coal a year.

Disgraced Brazilian tycoon on trial for insider trading has signed development deals with a South Korean pharmaceutical company and a dog cloning scientist.

The world's largest iron ore producer said the new division head will focus on increasing efficiencies.

The partnership dates back to 1987, in the early stages of the development of the Chinese steel industry.

The news comes barely a day after the miner announced it was scrapping the sale of its Nickel West division.