Astronomers discover diamond the size of Earth

The Indian Supreme Court has directed that 1.5 million tonnes of iron ore from existing stock in Karnataka's Bellary, Chitradurga and Tumkur districts be sold every month to ensure adequate supplies for the iron and steel industry, The Hindu reported Sunday. Mining in the districts was previously banned by the court.

Union workers at Peruvian copper producer Sociedad Minera Cerro Verde said late Friday that they plan to hold a two-day strike starting Sept. 7 to seek a salary increase.

Ten miners are confirmed dead in a coal mine flooding in Southwest China's Sichuan province, with two others still missing, local authorities said Saturday.

Another wave of Chinese acquisitions is expected soon as the Asian superpower seeks to diversify investments beyond the underperforming greenback, and as share price falls translate to cheaper purchases. Mergers and acquisitions consultant Andrew Thomson, a former Howard government minister, said that there had been a change of sentiment in Beijing lately and Chinese investment was expected to step up very soon.

A Deloitte Access Economics analysis, commissioned by the Minerals Council of Australia and to be released today, estimates the industry's tax burden was about 50 per cent higher than Treasury estimates made during last year's bruising battle over the Rudd government's resource super-profits tax.

The Royal Canadian Mounted Police are investigating a Calgary-based company over allegations of bribery in Mexico. The Mounties are checking whether Blackfire Exploration Ltd. made monthly payments to a local mayor to prevent protesters from interrupting the mine's operation, says the CBC:

Canada led the world in the number of mining mergers and acquisitions (M&A) for the first half of the year, says Ernst & Young. And while the number of deals fell in comparison to the highly acquisitive first half of 2010, the value of the transactions that took place this year more than doubled compared to the same period last year. The country was the leading buyer in H1 with 196 deals, and also the leading target destination with 129 deals. Australia came second as a buyer and target destination, with 83 and 72 deals respectively.

Commodity markets were hit this week by shock news that the United States created no jobs in August, sparking speculation that the world's biggest economy could be heading for a double-dip recession. Analysts said the data bolstered expectations that the US Federal Reserve could soon decide to implement another round of quantitative easing -- dubbed QE3 by traders -- to help breathe new life into the struggling economy.

EPM Mining, an exploration-stage potash developer with a 100,000 acres project on the Sevier dry lake in Utah, received a boost on Friday when Tata Chemicals via a subsidiary invested $16 million in the company. Tata Chemicals, part of one of India's largest family conglomerates, now controls 30% of EPM Mining after first upping its stake at the end of May. With potash prices surging India, at some 6 million tonnes the largest importer of the crop nutrient, is keen to command new supplies.