China iron ore hits 2-week high as tight supply back in focus

Glencore CEO Ivan Glasenberg strikes positive note after announcing jump in profits, output and better trading conditions at Swiss commodities giant.

Shares in the company fell by almost 8% on the news, hitting an all-time low.

Chief Executive Officer Andrew Mackenzie said the project ramains in BHP's main plans, but added the firm is not in a rush to develop it.

Clive Palmer has come under fire for labelling the Chinese government “mongrels” and “bastards” on national television.

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World's number one miner hopes to save $3.6 billion spinning off aluminium, coal, manganese, nickel and silver assets into new company.

The division contributed just $746 million of the $21.12 billion earnings BHP reported for the 2013 financial year.

Speculation is of a new Perth-based company with current CFO Graham Kerr at the helm housing non-core assets including Australian lead-silver mine.

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