Former Rio Tinto exec jailed for corruption in China let free

Chinese imports of iron ore hit a 20-month peak in the month of September with steelmakers engaging a buying spree as spot prices bottomed out.

The head of Rio Tinto's (ASE:RIO) iron ore business in Western Australia has expressed optimism about the sector's prospects despite a plunge in spot prices this year and concerns over China's growth.

Australian iron ore titan Fortescue Metals Group (ASE:FMG) has increased the size of its credit facility by USD$500 million.

While big miners such as BHP (NYSE:BHP), Xstrata (LON:XTA) and Vale (NYSE:VALE) continue to slash jobs across its operations in Australia, some companies are hiring more foreign workers to carry out their resources projects.

Analysts say more coal jobs will be axed in the Australian tropical state of Queensland as the beleaguered resources sector continues to weather a barrage of adverse factors.

The transformation of the iron ore market over the last few years has been nothing less than stunning. Those with nerves of steel can look forward to even higher highs and lower lows.

The country's railways ministry is upping its investment for a third time this year – the annual budget for 2012 is now a round $100 billion.

A team of U.S-Franco scientists led by Yale University hit the jackpot by discovering not just another celestial body near the Earth, but one that it is likely to be covered in diamonds and it is twice the size of our planet.

Andrew "Twiggy" Forrest, the founder and chairman of Aussie iron ore stalwart Fortescue Metals Group (ASX:FMG) has issued a thinly-veiled attack against fellow mining magnate Gina Rinehart for inheriting her wealth.