Australian state delays rent, fees collection to support the exploration sector

The company wants an "indisputable and final" go-ahead for Carmichael, considered Australia’s largest thermal coal project ever.

The country's largest mining union said it had received notice from South32 about the planned cuts and wants the government to intervene.

The company will start cutting nearly 80% of its workforce at its Collinsville coal mine in March next year, as it dials back mining at the site.

One of the miner’s worst kept secret may be revealed as soon as Tuesday.

It hit $39.40 a tonne, the lowest price ever recorded by price assessor The Steel Index (TSI), which began compiling data in 2008.

That is more than double the profits reaped in 2014.

The price of iron fell again on Thursday stopping barely above $40 a tonne, but Rio's new high-grade Pilbara mine will ensure its costs keep falling.

Following a heavy selloff in November, iron ore is down another 7% just this week with no support in sight.

The 187.7-carat Diavik Foxfire diamond will be showcased in London before returning to Antwerp for detailed assessment.