Beny Steinmetz’s mining firm BSGR enters administration to protect itself

But management of the equipment behemoth has stuck to their forecasts for a record-breaking year.

“This is no longer about commercial goals. It is about Chinese machismo. They have plonked down too much money to pull out now.”

Fortescue Metals has lodged a challenge in the High Court of Australia against the Federal Government's Minerals Resource Rent Tax on constitutional grounds.

The mining sector's bellwether companies were all beaten down on Thursday as the price of metals and minerals continued to slide and economic indicators from across the globe painted a bleak picture for the mining industry.

The performance of iron ore is in stark contrast to other commodities including copper which has shed 4% over the last two days and crude oil which touched a 52-week low of under $78 a barrel today.

The unusual alert, considered the Association of British Insurer's most serious warning, indicates a breach in corporate governance.

The world’s richest mining entrepreneur and wealthiest man in Brazil, Eike Batista, is now also the largest holder of mineral rights in the South American iron ore-rich area of Mato Grosso do Sul, with 9,362.98 hectares under his control.

Brazil's lower house mining and energy commission has rejected 10% export tax on all iron ore exported by local miners, but Standard & Poor warns permitting and infrastructure issues are threatening the country’ iron ore expansions.

Giant miner Rio Tinto (LON:RIO) continues to build its reputation as the most bullish of the major mining companies after it announced today it will spend $4.2 billion on top-tier iron ore projects.