RNC Minerals recovers giant gold slab from its mine in Australia

Gina Rinehart, iron ore magnate and Asia's wealthiest woman, sold a controlling stake in her Galilee coal assets nearly a year ago to GVK Group, run by Indian billionaire GV Krishna Reddy.

Record low gas prices in North America will result in BHP Billiton (NYSE:BHP) taking an impairment of US$2.84 billion (before tax) against the carrying value of the Fayetteville shale gas assets acquired from Chesapeake Energy in February 2011.

The mining giant is also scaling back or postponing other expensive expansion projects but the pullback in iron ore – by far the Melbourne-based company's most profitable division – is a surprising move and indicative of the cloudy outlook for the commodities business.

The stock hit a high of $50 in May 2008 and came close again in April 2011, but at $170 billion, the Melbourne-based company is now valued at some $80 billion less that at its peak.

Looking at all the costs to construct and run power plants, it will be cheaper to build a wind or solar power plant within 18 years rather than one using nuclear or fossil fuel, says a research unit within the Australian Government.

Newcrest Mining (ASX:NCM) is the one Australian mining major exposed to the greatest level of country risk with 63% of its assets situated in nation-states categorized as 'very high-risk' by analysts.

A report indicating weak sentiment on the part of Australian mining companies would appear to substantiate warnings that Australia's flourishing resources sector is headed for a slowdown.

People should stop worrying about Chinese businesses buying up resource companies in Australia because the Chinese are no good at investing, says former Rio Tinto executive, Michael Komesaroff.

A trading halt on Blackwood Corp (ASX:BWD) shares has cast further doubt upon Australian mining magnate Nathan Tinkler's audacious AUD$5.3 billion privatization bid for Whitehaven Coal (ASX:WHC).