BHP settles dispute over iron ore royalties with Western Australia in $175m deal

But production at massive Mongolian mine slips and shares take a beating.

The nation's nuclear chief also said Teheran plans to build four new nuclear plants with the help of Russia.

The 8% one-day drop in the iron ore price in March was the result of a new dynamic in the market: panicked selling by traders using ore as loan collateral.

February’s levels were the highest since the West slapped sanctions on Tehran in June last year, says the International Energy Agency (IEA).

China's iron ore imports jump 21% to 74 million tonnes while copper imports surge 31%.

Of the 70 pirate attacks so far this year, 53 have been in the waters off Southeast Asia and West Africa and some 50 crew remain in captivity.

The closely-watched Thomson Reuters GFMS annual copper survey paints a grim picture for the copper price in 2014 and beyond.

Iron ore is up 12% from lows sparked by panicked selling from Chinese traders and mills using stockpiles for trade credit.

But it is planning to do so at the fertile Liverpool Plains, an extensive agricultural area, which is predictably raising opposition from locals.