BHP steps up efforts to sell Nickel West business in Australia — report

Most Australians have never heard her name, but WA's biggest diamond producer hopes Hong Kong celebrity Louisa So Yuk Wa will help launch it into one of the world's fastest-growing jewellery markets.

Moly Mines Ltd (MOL.TO: Quote) (MOL.AX: Quote) said it got loans totalling $494 million from China Development Bank Corp(CDB) for the construction of its Spinifex Ridge molybdenum and copper project in Western Australia. The miner said the loans will include a $454 million syndicated loan. CDB will also provide the company with a $40 million working capital loan.

Australia's mining iAustralia's mining industry -- the main driver of the booming economy -- is 83 percent foreign-owned, according to a study released by the country's Greens party Wednesday. The report, conducted by a private consultant commissioned by the Greens, said that in the next five years Aus$50 billion (US$53 billion) in profits from Australian mining operations would go offshore.ndustry -- the main driver of the booming economy -- is 83 percent foreign-owned, according to a study released by the country's Greens party Wednesday. The report, conducted by a private consultant commissioned by the Greens, said

Moly Mines Limited (TSX:MOL)(ASX:MOL) said today it has signed various project debt agreements with China Development Bank Corporation (CDB) totaling US$494 million for the construction of the Spinifex Ridge Molybdenum / Copper mine (Spinifex Ridge), Australia. Image by Moly Mines Limited

Australian businesswoman Gina Rinehart who inherited a debt-ridden mining company 20 years ago, is predicted to become the world's richest person, according to media reports on Tuesday. Rinehart, 57, is already the richest Australian after her wealth more than doubled to $10.3bn this year. That still places her far behind Carlos Slim, Mexico's cellphone magnate worth some $73bn, but Rinehart's 100%-owned Hancock Prospecting has massive iron ore and coal projects that will start producing by 2014 and earn her annual profits of as much as $10bn.

Rio Tinto is comfortable with the company's multibillion-dollar project budgets in Australia, where labour, input and services costs were all increasing, Chief Executive Tom Albanese said on Tuesday. "I'm comfortable that our budgets in Australia are being managed appropriately," Albanese said at a business lunch.

The proposed Oakajee iron ore port and rail project in Australia, which last week faced the loss of a key customer, may have hit another snag, with one the two developers saying it was having problems raising funding. Murchison Metals , a 50:50 partner in the multi-billion dollar Oakajee (OPR) project, said on Monday it was now in talks with several parties, including Chinese-related investors, interested in participating in its development.

Australian stocks are set to open higher on Tuesday, following a firm finish on Wall Street, on growing optimism that Greece will avoid a debt default. Stock index futures rose 1.1 percent to 4,491.0, a 29.2-point premium to the underlying S&P/ASX 200 index . The benchmark fell 1 percent on Monday.

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.