Huge diamonds keep coming out of Lucapa’s Lulo mine in Angola

The bubble that is keeping iron ore prices at historic highs may be about to burst, and when it does, iron ore giant Fortescue Minerals will still be making money, the company's new CEO predicts.

Australia's Whitehaven Coal reported a 48 percent rise in equity coal output in the June quarter versus the same period a year ago and said it expects to show a fiscal 2011 underlying net profit of A$70 million before significant items.

Macarthur Coal, the mining group that is the target of a $4.7 billion takeover bid by US energy company Peabody Energy and steel giant ArcelorMittal, has suffered a steep slide in sales a result of wet weather. Macarthur's sales in the June quarter tumbled 22.5%, with its annual sales down 26.5% to 3.9 million tonnes. Peabody and Arcelor have sweetened the deal following a couple of failed attempts in the past three years and is set to complete due diligence at the end of the week.

Beijing has issued a veiled threat to Australia's long-term economic future. It has vowed to break the power of the big mining companies by sourcing 50 per cent of its iron ore imports from Chinese-invested companies.

Bloomberg reports BHP workers in Chile voted Sunday to extend their strike at the world’s largest copper mine. Stoppages at BHP’s Australian coal operations may resume this week. Thirty thousand South African coal mine workers including Anglo American and Xstrata employees walked off the job Sunday and may be joined by 160,000 gold industry workers. Strikes that started over the weekend are impacting output from mines of diamond giant De Beers. Workers are seeking a larger slice as global producers report record earnings: Melbourne-based BHP, the world’s biggest mining company, is expected to report full-year profits of $22.5 billion next month, almost double 2010’s net income. Xstrata may report record 2011 profit of $7.3 billion and Anglo American $7.4 billion, estimates show.

A large Queensland pastoral farm used for wagyu cattle breeding is set to become a coal mine after Australian Agricultural Company (AAC) agreed to sell a property to mining company Xstrata. The global miner will pay $21.6 million cash for the 17,474-hectare Meteor Downs property without any cattle or machinery. Image is from Cyrille BERNIZET

The largest union at Chile's Escondida copper mine has voted to "indefinitely" extend a strike at the mine, which is controlled by BHP Billiton. Members of the 2350-strong Escondida Mine Workers Union No 1 "unanimously voted" to extend the work stoppage, which began on Thursday night and was initially planned to end 24 hours later at 8pm on Friday, union leader Jose Vidal said.

BHP Billiton will continue to source workers through external agencies despite a recent legal stoush over a rogue employment scam. The mining giant was forced to take legal action through an arm of the United Nations earlier this year to combat a scam

The largest union at Chile's Escondida copper mine voted to "indefinitely" extend a strike at the mine, which is controlled by global diversified miner BHP Billiton Ltd. (BHP, BHP.AU), union leader Jose Vidal said Friday. Members of 2,350-strong Escondida Mine Workers Union No. 1 "unanimously voted" to extend the work stoppage, which began Thursday night and was initially slated to end 24 hours later at 8 p.m. EDT on Friday, Vidal told Dow Jones Newswires.