Rio Tinto down despite $7.2bn cash return to investors

Australian rare earths miner Lynas Corporation (ASX:LYC), has filed a defamation action against Malaysian protestors and opponents over their criticism of the company's rare earth plant (LAMP), which will process ores shipped from Western Australia.

Australia's Federal Skills Minister, Chris Evans, said Rio Tinto (LON and NYSE: RIO) should focus on local workers when filling its 6,000 mining jobs, in what is considered the largest recruitment campaign in the country’s history.

Clive Palmer, who made his fortune through securing access to 160 billion tonnes of iron ore reserves in the Pilbara Ranges, plans to rebuild the Titanic and contest the seat held by Wayne Swan, the Deputy Prime Minister of Australia.

The Australian reports on a potential clash of visions in the Tasmanian rainforest, where 10 new mines are proposed and 58 exploration licences active.

Australian miner Xstrata Coal is pulling out of the Donkin Mine project, which promised to employ as many as 300 people in Cape Breton, Eastern Canada, by 2014.

Mining giant Rio Tinto launched today an aggressive recruitment campaign to fill 6,000 vacancies across its 30 operations in Australia.

"Global economic markets have shifted to a period of significant uncertainty and we continue to see both a sustained upward pressure on costs and long timeframes for regulatory approvals."

CST Mining is selling its 70% stake in the Mina Justa copper project in Peru for US$505 million.

Billionaire Australian Gina Rinehart, is taking Rio Tinto to court, demanding the world's third largest miner pay her 2.5% of the income streams from iron ore production at the Channar and Eastern Ranges mines on top of the royalties from three other Pilbara properties she is already receiving.