Swiss expert to start work on new standards for mining dam safety

Worries over an economic slowdown in the world's largest iron ore importer have contributed to the 21% drop of iron ore prices so far this year.

Levels of conflict and political violence have risen significantly in 48 countries, most of them considered traditional mining destinations.

Last year's top earner was a coal miner who ended the year $15 million in the black.

The company will soon begin transporting ore up to Milne Inlet, where it will wait to be loaded onto ships during the open water season of 2015.

So far this year Mexico has seized more than 200,000 tonnes of illegal iron ore, most of it on its way to China.

The company invested in Aquila in 2009 to help fund its iron ore project and a separate coking coal mine.

"One thing is for sure the price will not go below $110 on a sustainable basis," thanks to high cost Chinese producers and pick-up in European demand.

The UN body is especially worried about Australia's decision to allow dredging and dumping of 3 million tonnes of dredge spoil in reef waters, as part of a coal port expansion.

Beijing is curbing the use of industrial metals and iron ore as collateral in short-term financing creating a vicious circle as deals are rapidly unwound.