The brash billionaire who wants to make Australia great again

The funds will be used to develop a variety of industries including the mining sector.

Chinese steel and iron ore traders are caught in a vicious circle.

Liu Han who disappeared after cutting billion dollar mining deals in Australia and Africa, is accused of running a "mafia" gang protected by state officials.

About 40% of the 100m tonnes of iron ore stockpiled in China have been put up by steel traders as collateral for loans. Loans banks are now calling in.

Vale calls it 'Canada's mine of the future.'

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As a result, the Australian company announced an interim dividend of 10 Australian cents per share - last year the company didn't offer this payout.

With credit tight inside the country, China's record-setting copper and iron ore imports and stockpiles are being used for financing deals.

Iron ore price up 3.7% from steelmaking raw material's rule-of-thumb level as China stockpiles imports and shuts out low-quality domestic supply.