Brazilian mining conglomerate Vale, the world's leading iron producer, reduced its spending budget by 11 percent for 2012 in the face of an uncertain outlook for the global economy and commodities prices. In a statement released today, the Rio de Janeiro-based company plans to invest $21.4 billion on mining projects next year after failing to meet spending targets in 2011.

Australian Mining reports: Tricia O'Callahan, outgoing Mount Isa Chamber of Commerce manager, says the Mount Isa region needs a school of mines to ensure its future success.

O’Callaghan told The North West Star establishing the school would be another important step to solving skills shortages in the mining industry. She said Queensland’s mines were a good asset for the community and there were “buckets of money” available to drive cooperation between private companies and the Government.

MD for diamond company Debswana, Jim Gowans, urges the mining industry to keep upskilling its workforce to be ready for the resurgence in the market after the recession ends, reports Sunday Standard.

Speaking during a Chamber of Mines dinner that was hosted by African Copper in Francistown last week, he said that despite the predicted double dip recession, skills must always be developed and be available when the recession has passed. “When the industry is back to full production capacity, so should the skills be available to match this,” he said.

A group of Indian companies and Canada's Kilo Goldmines Ltd. (CVE:KGL) have been awarded the contract to mine the Hajigak iron ore deposit in Afghanistan. MINING.com reported Nov. 19 that Indian firms were leading the chase for the huge iron ore property, which is being touted by the Afghans as the world’s largest iron ore deposit at 1.8 billion tonnes. The deposit extends over 32 kilometres and covers 16 separate zones. Bloomberg reports that President Hamid Karzai and his government awarded three of the four Hajigak blocks to seven Indian companies, led by state-owned Steel Authority of India Ltd. and NMDC Ltd., that were bidding with support from the Indian government. The fourth block was awarded to Kilo Goldmines, which is described on its website as a gold exploration and development company that is actively drilling several past-producing mines in the Democratic Republic of Congo (DRC).

Chinese energy giant China National Offshore Oil Corp (CNOOC) took over oil sands operator Opti Canada Inc. (TSXV:OPC) today in a deal valued at Cd$2.1 billion. This acquisition gives China's top offshore oil company its second stake in a Canadian oil sands property. With the close, reports Reuters, CNOOC gains a 35 percent stake in the troubled Long Lake oil sands project, which operates well below its 72,000 barrels per day capacity as operator Nexen Inc (NXY.TO) works to overcome problems with the C$6.1 billion project's reservoir.

Following on from NASA's successful mars mission of the rovers Spirit and Opportunity, NASA's latest rover, Curiosity, was successfully launched on Saturday. The $2.5 billion Mars Science Laboratory mission is attempting to determine if Mars has an environment that could support life. Curiosity, which is five times the size of the previous vehicles, will orbit the red planet for a few months and then land on August 2011. The rover is equipped with a two metre arm that can take soil samples and drill rock. Rock samples are subject to a number of tests, including laser-induced radio spectrometry where the soil sample is vapourized and analyzed.

Copper advanced the most in more than two weeks in New York after record holiday sales in the U.S., the world’s second-biggest consumer of the metal, fuelled optimism demand will remain steady. Copper also gained as the euro climbed against the dollar after German Finance Minister Wolfgang Schaeuble urged fast-track treaty changes to tighten budget discipline.

UC Rusal, the world’s largest Aluminium producer, announced execution of a share purchase agreement with China North Industries Corporation under which it has agreed to purchase a 33% stake in a company Shenzhen North Investments Corporation Limited, a trading affiliate of NORINCO.

The global mining industry is facing intensifying social, economic and political challenges, which means companies must incorporate more complex scenarios into their strategic planning, says a new study from Deloitte. The report, titled Tracking the Trends 2012, warns of a “perfect storm” already hitting the mining industry.