China Oct zinc, copper output highest in 3 years

The proposed Oakajee iron ore port and rail project in Australia, which last week faced the loss of a key customer, may have hit another snag, with one the two developers saying it was having problems raising funding. Murchison Metals , a 50:50 partner in the multi-billion dollar Oakajee (OPR) project, said on Monday it was now in talks with several parties, including Chinese-related investors, interested in participating in its development.

Tata Steel Ltd will use the $1.12 billion ('5,030 crore) it earned from the sale of its 26.3% stake in Australia's Riversdale Mining Ltd to fund the expansion of its steel-making capacity in Jamshedpur and Kalinganagar, as well as mining operations and capital expenditure in its European operations.

Iron, zinc and coal miner China Natural Resources shed 20% of its value on the Nasdaq stock exchange in morning trade on Monday in the absence of any fresh news about its operations while China Shen Zou Mining lost over 8%, the worst performers in the sector. Investors are continuing to worry about the soundness of Chinese companies that came to the US market through so-called reverse listings with the value of the 98 companies declining sharply in recent weeks as creative accounting and other irregularities are uncovered at firms engaging in operations as diverse as software and timber.

Rio Tinto's $US10 billion-plus Simandou iron ore project in Guinea is rapidly pressing ahead, but not like a typical giant development by the Anglo-Australian mining giant. By the end of the year, Rio is expected to have spent close to $US2bn ($1.9bn) on Simandou, including a $US700 million settlement payment to the government, and to begin construction of a project it has committed to produce from in 2015.

Two of the world's richest women are seeking another $136 million by suing Rio Tinto. According to a story in The Daily Telegraph, Gina Reinhart and Angela Bennett, who are heirs to the Hancock and Wright iron ore fortunes, are suing mining giant Rio Tinto over the rights to iron ore beneath as much as 150 square kilometres of the Pilbara iron ore region of Western Australia: The lawsuit in the NSW Supreme Court is seeking an estimated $136 million in past royalties dating back two decades. If successful, the legal bid could also reap the descendants of Hancock and Wright a further $25 million each year in royalties, even assuming the iron ore price halves by 2016.

allmineral has been awarded three independent contracts to supply its mineral processing products and equipment to the Rio Tinto Low Grade Iron Ore Pilot Plant.  The pilot plant, which will be located at the Brockman 4 mine site in Western Australia, 60km north west of Tom Price, will play a strategic part in the optimisation of beneficiation options for future Pilbara lower grade deposits.

China's top economic planner on Thursday reiterated a ban on favourable power tariffs for power-intensive sectors as the world's second-largest electricity consumer struggles to deal with its worst power crisis in seven years. Last year, the National Development and Reform Commission (NDRC) asked local governments and power suppliers to cancel favourable power prices for aluminium, ferroalloy and calcium carbide makers, and said preferential power rates for direct trade between power generators and power users but without approval must be halted.

Cap-Ex Ventures announced it has received and interpreted the preliminary data from the recently completed Airborne FALCON Gravity Gradiometer and High Sensitivity Magnetometer survey, conducted by Fugro Airborne Surveys Corp. The survey was conducted over the Company's wholly owned Lac Connelly property located in the Labrador Trough.

Iron Road Limited (ASX:IRD) is pleased to announce it has successfully raised A$21.6 million to further advance the Central Eyre Iron Project following the recently completed positive prefeasibility study. "The funds raised today will allow us to continue our aggressive resource drilling campaign and deliver additional large tonnages into the project. We are currently drilling the Murphy South western extension and PIRSA have this week approved drilling over the Murphy South eastern extension. This work will further enhance our position as we continue our partnership discussions.