Glencore gives investors $2.9bn in dividends after ‘strongest’ results ever

Oakland Resources (ASX: OKL) has commenced a 700m diamond core programme at Spion Kop Gold Prospect (EL 7412, Boorowa Project) where previously reported significant and anomalous gold mineralisation has been intersected in a number of shallow RC holes. Image from Oakland Resources.

Rio Tinto's $US10 billion-plus Simandou iron ore project in Guinea is rapidly pressing ahead, but not like a typical giant development by the Anglo-Australian mining giant. By the end of the year, Rio is expected to have spent close to $US2bn ($1.9bn) on Simandou, including a $US700 million settlement payment to the government, and to begin construction of a project it has committed to produce from in 2015.

Two of the world's richest women are seeking another $136 million by suing Rio Tinto. According to a story in The Daily Telegraph, Gina Reinhart and Angela Bennett, who are heirs to the Hancock and Wright iron ore fortunes, are suing mining giant Rio Tinto over the rights to iron ore beneath as much as 150 square kilometres of the Pilbara iron ore region of Western Australia: The lawsuit in the NSW Supreme Court is seeking an estimated $136 million in past royalties dating back two decades. If successful, the legal bid could also reap the descendants of Hancock and Wright a further $25 million each year in royalties, even assuming the iron ore price halves by 2016.

West Australia's Labor Party says it will ban uranium mining if it gets elected in 2013. The announcement came Friday in the form of a motion by state AMWU secretary Steve McCartney. According to ABC News: The move is set to anger Federal Resource Minister Martin Ferguson, who called the policy ridiculous last month, warning the position is not sustainable and means the state will miss out on funds for schools, education and roads.

allmineral has been awarded three independent contracts to supply its mineral processing products and equipment to the Rio Tinto Low Grade Iron Ore Pilot Plant.  The pilot plant, which will be located at the Brockman 4 mine site in Western Australia, 60km north west of Tom Price, will play a strategic part in the optimisation of beneficiation options for future Pilbara lower grade deposits.

Astra Mining, an Australian diversified mining company, has signed an option agreement to fund the acquisition of an operating gold mine in Cambodia which presently has an exploration licence.The agreement provides Astra with a majority interest in Petone Mining (Asia) which has the acquisition agreement for the mine. A mining licence will be applied for prior to production expansion of the mine.

Perseus Mining Limited (ASX/TSX: PRU) is pleased to announce that the US$85 million Project Finance Facility provided to Perseus’s 90%-owned subsidiary, Central Ashanti Gold Limited (“CAGL”), by Macquarie Bank Limited and Credit Suisse AG has been drawn down. To date, approximately US$152 million of the estimated US$174 million capital cost of Perseus’s Central Ashanti Gold Project in Ghana has been funded by equity capital raised by Perseus. The balance of construction costs will be financed using funds drawn under the debt facility.

Iron Road Limited (ASX:IRD) is pleased to announce it has successfully raised A$21.6 million to further advance the Central Eyre Iron Project following the recently completed positive prefeasibility study. "The funds raised today will allow us to continue our aggressive resource drilling campaign and deliver additional large tonnages into the project. We are currently drilling the Murphy South western extension and PIRSA have this week approved drilling over the Murphy South eastern extension. This work will further enhance our position as we continue our partnership discussions.

More than 1,000 workers at two BHP Billiton coking coal mines in Australia staged a third day of strikes in a dispute that is disrupting production from the world’s largest exporter of the steelmaking commodity. Analysts believe the industrial action, added to the 15% cut in annual production caused by monsoon rains and a cyclone, will support rampant prices for steel-making coal which hit an all-time high in April of $330 per tonne. Metallurgical coal accounts for A$24.5bn of the Australia’s A$202.17bn in total annual goods exports.