Chile government rejects Codelco privatization

It will raise its annual exploration spending by 29%, allocating nearly all its $900 million budget to finding new copper and oil deposits in the fiscal year beginning next month.

Beijing's already cut coal miners working hours by 16% and plans to eliminate 500 million tonnes of coal capacity within just 3–5 years.

The silver miner says Ottawa needs to press Mexican authorities to ensure Canadian investors are treated fairly.

Combined these mining and metal giants are worth $700 billion with operations in every corner of the world.

Rumours follow Rio's decision to group its least loved units — coal, uranium salt, borates and its Iron Ore Co. of Canada — under a new umbrella branded as the “energy and minerals” business.

Chief executive Andrew Mackenzie believes the iron ore market will take longer to balance out than other commodities due to an excess of supply coming on stream in the next few years.

Andrew Harding, once tipped as the most likely person to take the company’s reins, is being replaced by Chris Salisbury, currently leading the copper and coal division.

"We are one of the few who are building."

30 million tonnes per year iron ore mine owned by BHP and Vale idle since November.