Rio Tinto and Minmetals look for copper, zinc and lead in China

The world’s largest iron ore exporter has cut price estimates for this year and 2015.

The exclusivity agreement, which expired last week, would have given BHP the right to develop a potash port close to its Jansen project.

The former billionaire denied media reports saying his $150 million agreement to buy coal mine could be delayed or derailed because he has not satisfied contractual financing conditions.

Up to 3,000 jobs could be axed from BHP's flagship iron ore division, where 500 jobs have already been lost.

There is an estimated 104,300 metric tons of thorium and rare earth element-rich veins in the area where MMG Limited has been granted exploration rights.

The long-dragged dispute between Rio and the Mongolian government over a $6.6 billion underground expansion of Oyu Tolgoi has hit a fresh impasse.

Net profits from progressing economies-based miners reached $24 billion in 2013, compared to a net loss of $4 billion for developed market firms.

But Chinese banks are starting to call in iron ore-backed loans to traders holding 38mt, forcing them to dump inventories onto already well-supplied market.

The country's mining industry has lost 6,600 workers in the three months to May.