Iron ore, copper prices recover after record Chinese imports

BHP Billiton reported record annual results and beat analyst estimates in the process, after prices of copper, iron ore and coal reached all-time highs because of demand from China. Profit at the world's biggest miner surged 86% for the 12 months $23.6 billion, a full $1.4 billion ahead of expectations, on the back of earnings from iron ore, its biggest division, which jumped 122% to $13.3 billion.

The economic consequences of the Supreme Court ban on mining in Bellary are beginning to be felt in thousands of homes in Karnataka as their primary bread winner is facing an axe or has already been pink-slipped. More than 30,000 people working for mining and steel companies are jobless. Another 15,000 workers employed in over half-a-dozen steel companies and 77 other related-industrial units face layoff threat as their companies face an acute shortage of raw materials (iron ore).

Canada's largest iron ore producer is looking to expand its operations in Newfoundland/Labrador. IOC announced last week that it has launched a study to evaluate options that would increase production to 50 million tonnes per year by 2016. The expansion effectively doubles IOC's capacity from 26 million tonnes per annum, the target set for 2013 after the completion of three concentrate expansion projects (COPs).

New York brokerage GFI's announcement on Tuesday that it now offers on-screen iron ore swap trading is the latest indication that the economics of the world's foremost dry bulk commodity are being changed fundamentally. Started in 2008, derivatives trading in iron ore is up fourfold this year after setting a record in July as investment banks enter the massive market in numbers. The world's top three miners – BHP Billiton, Vale and Rio Tinto – control nearly 70% of the 1 billion tonne annual seaborne trade and dominate price talks. The benchmark China import price for iron ore has tripled since late 2008 to $177 a tonne.

World crude steel production for the 64 countries reporting to the World Steel Association was 127 million tonnes in July 2011. This is 11.5% YoY higher than July 2010.

Robert L. Card, President of Gulfside Minerals Ltd. ("Gulfside" or the "Company"), is pleased to report that the Company has acquired, subject to TSX Venture Exchange ("TSXV") approval, an option to acquire three iron ore projects. The first project is comprised of 49 mineral claims located near Port Snettisham about 30 miles southeast of Juneau, Alaska. This project is a titaniferous magnetite deposit on the Snettisham Peninsula which has been intermittently explored since 1969.

Mining giant BHP Billiton has defended as "effective" its strict office etiquette policy, which bans workers from eating pungent food, throwing jackets on their chairs or leaving Post-it notes on their monitors or keyboards after hours. The company outlined its "Office Environment Standard" in a memo emailed to employees in Brisbane this month.

WA's resources sector has been issued an SOS from the nation's steel and manufacturing industries to ramp up investment in Australian products to prevent thousands of more jobs going offshore.

OneSteel Ltd has bought iron ore assets in South Australia including Peculiar Knob from WPG Resources Ltd for AUD 346 million, as it focuses more on iron ore exports.