US steel and aluminum tariffs a ‘black day for the world’ — BHP

World #2 iron ore miner Rio Tinto has reached a deal with Komatsu to buy 150 driverless truck over the next four years. The new trucks, which will start arriving in 2012, will be used in Rio Tinto's Pilbara iron ore mines in Western Australia and can be controlled from its Operations Centre in Perth more than 1500 km away. Rio says the vehicles will increase productivity by hauling more material quicker. The Komatsu Autonomous Haulage System, a world first, has been tested in the Pilbara since December 2008. The company currently operates a fleet of 203 standard haul trucks and 10 driverless vehicles.

OneSteel (ASX:OST), an integrated steel manufacturer and iron ore miner based in Australia, dropped 18% to 98.5 cents a share after the company gave a gloomy financial forecast as it tries to cope with falling iron ore prices and a rising Australian dollar.

Australia's new mining tax is being held up in the legislature by independents who want more controls on coal seam gas. Sydney Morning Herald reports that two independents MPs, Tony Windsor and Roy Oakeshott, are demanding curbs on coal seam gas exploration, and that hundreds of millions of environmental research dollars be spent, in return for their support for the bill: Mr Windsor, who holds the NSW seat of New England, told the Herald he had had enough of the methods of coal seam gas companies, which were expanding operations dramatically in NSW and Queensland. Mr Windsor's key demand is for $200 million to $400 million to be allocated each year from the tax revenue to fund bio-regional assessments, an idea he raised last week.

The recent softening of iron ore prices will likely be short-lived, says the world's largest exporter of the steelmaking ingredient. In releasing its third-quarter results, Brazil-based Vale SA (NYSE:VALE) is forecasting high prices "for a long period ahead" because of growing demand from developing countries and constraints to supply growth. The iron ore giant therefore indicated it needs to stay ahead of the game for when the price rise demands a quick reponse:

Rural communities in Queensland Australia are more than a little unhappy about state politicians and government agencies allowing mining firms like BHP to set up self-contained separate mining towns cut off from local communities or simply letting miners fly in and out without ever becoming part of local life.

Cliffs Natural Resources vaulted to a record third quarter from a springboard of high iron ore prices combined with higher sales from its Bloom Lake operation, the company announced today. Cliffs posted a 59% increase in revenues from the same period last year, bringing in $2.1 billion. The company more than doubled (+110%) its net income in Q3 to $820 million, despite taking a $17.5 million net loss from the idling of its renewaFUEL biomass production facility in Michigan. Despite the sunny financial picture, Cliffs indicated that clouds are looming on the horizon in the markets for its principal commodities, iron ore and coal. Image of Cliffs Northshore Mine, Copyright © 2011 Cliffs Natural Resources Inc.

An iron ore project in northeastern Canada whose proponent is calling "the next Consolidated Thompson," has taken an important step forward. Alderon Iron Ore Corp. (TSE:ADV) announced today it has begun filing material to start the federal and provincial environmental assessment process. The application would allow Alderon to double future annual production at its Kami Project in Quebec-Labrador to 16 million tonnes of iron ore concentrate annually.

Reuters reports ArcelorMittal has pulled out of its joint $5 billion bid with US giant Peabody Energy for Australian coking coal miner Macarthur, just days after the target's top shareholder accepted the offer and left the Indian steelmaker with a higher than expected cost. Some observers were skeptical when Peabody and Arcelor raised their bid at at time coking coal prices have been falling and according to a new report could pull back to $240/tonne towards the end of next year. Now that it is flying solo Peabody may have to raise cash to fund the transaction. The deal also comes amid the planned introduction of an onerous carbon tax next year and rising labour costs in Australia thanks to the strong Aussie dollar.

FairStar Resources (ASX:FAS) will spend $300 million to build a a mining operation at its Steeple Hill iron ore project in Western Australia. The company, which made the announcement on Monday, plans to recover alluvial iron ore deposits in phase one of the project, followed by a drill and blast operation for hard rock hematite in phase two and the recovery of magnetite in phase three. The company says it will not seek joint venture partners.