Global mining deals picking up, but far from returning to boom times

Coal Services today announced a reduction of 2.78% to workers’ compensation premium rates for the New South Wales coal mining industry, with the target premium rate set at 3.5% (3.6% in 2010/11). This is the latest in a series of reductions that have seen premium rates fall from a high of 11.5% in 2002/03 to the current rate of 3.5%, equating to almost a 70% reduction over 8 years.

The largest glut of ships in history means the cheapest freight rates relative to iron-ore prices in at least a decade, helping Rio Tinto Group and BHP Billiton Ltd. (BHP) to generate record profit. The cost of transporting iron ore to China from Brazil, the biggest route, is now equal to 10 percent of the value of the commodity used by steelmakers, compared with 64 percent in 2003, according to data compiled by Bloomberg.

Copper and gold miner OZ Minerals will return up to $200 million to shareholders through an on-market buyback, as booming prices for its products continue to generate cash. Photo of copper concentrates being loaded, by OZ Minerals.

Shares of Walter Energy Inc. rose Monday after a Citi analyst began coverage of the coal company by assigning it a "Buy" rating, leading a rally among several coal stocks.

Reuters reports: Shares of Potash Corp and other fertilizer producers ebbed on Monday despite bullish industry data as a decline in U.S. corn and wheat prices signaled weaker demand for crop nutrients. PotashCorp said on its website that potash inventories at the end of June fell more than 270,000 tonnes from the previous month, with North American inventories about 26% below the prior 5-year average.

WOLFSBURG Russia is offering Germany closer cooperation on rare earths as well as gas and oil supplies, a Russian official said on Monday ahead of an annual bilateral summit in Germany. Berlin has been trying to improve German industry's access to the

China's Sichuan Hanlong Group made a bid to buy out the shares it doesn't already own in West African iron ore exploration company Sundance Resources, valuing the private conglomerate at A$1.4 billion ($1.5 billion). Last week, Hanlong, which is seeking to expand its reach in global resources, launched a A$144 million takeover bid for Bannerman Resources, which is looking for uranium in Namibia.

Gold creates another history, breaks $1600 mark Read more : gold futures,comex,etf,spot gold,record price LONDON (Commodity Online) : Gold prices Monday created history by breaking the coveted $1600 an ounce barrier in early European trade as debt crisis

Commodities giant Glencore says it is buying a majority stake in Peru's Mina Justa copper mine for $475 million. Swiss-based Glencore International PLC said Monday the purchase of a 70 per cent stake in Marcobre SAC from CST Mining Group Limited is subject to inspection of the books and price adjustment.