Rio has said it will receive a total of $1.02 billion from the sale of the mine in Queensland State, Australia, where the coal that is mined is burned to produce electricity. "The sale... will allow us to realise value for our shareholders as we continue optimising our portfolio," a Rio statement said. Rio say made a point of saying that it remained "committed to a long-term future in central Queensland" at its other mines.

The iron ore deposit, known as Isua, is located 150 kilometres from Nuuk and represents the largest commercial project in Greenland’s history.

In a statement on its website, London Mining said the mine was expected to produce 15 million tonnes a year of "very high quality iron ore concentrate to the global steel industry". It is thought that the company will now begin a search for investment partners for what will be a multi-billion dollar project.

Funding Circle announced on October 23 that is has raised $37 million in equity funding to expand its UK operations and launch operations in the USA.

The money has been raised from investors led by the venture capital firm Accel Partners, which is a backer of Facebook.

That was the message delivered by Boasteel president He Wenbo to Australia’s Trade Minister Andrew Robb, on a visit to China.

Mr Robb, the first Coalition minister to visit China since the September election, said yesterday Baosteel president He Wenbo was positive about tax changes proposed by the new government. Mr Robb said the Baosteel chief was pleased with the Coalition's promise to roll back the carbon and mining taxes put in place by the previous Labor government.

As reported last year, just a year in from its $3.3 billion purchase of Western Coal, Walter Energy had succeeded in dramatically increasing the output of the three Canadian mines. Wolverine, Willow Creek and Brule located near the towns of Tumbler Ridge and Chetwynd have all seen further rationalisation and improvement in the intervening year. Dan Cartwright, president of Walter Energy’s Canadian operations, though his brow may be knitted over global coal prices and a market over which he can have little influence, has plenty to be pleased about.

Over the last ten years, the value of Peru’s mineral production has increased dramatically. During the five-year period from 2005 to 2010, mining exports increased from $9.8 billion to $21.7 billion, raising the country’s mining profile internationally and presenting significant consulting opportunities.

The diamond industry has been on something of a rollercoaster ride since the global financial crisis of 2008, with prices plummeting in 2008 and 2009, before rebounding to reach historically high levels in 2010 and 2011. This pattern of extremes was replicated in 2012, with retail sales of diamonds growing 1.8 percent from 2011 to $72.1 billion at the same time that overall prices for rough and polished diamonds declined by 14 percent and 13 percent respectively.

If you were to set out today from Chile’s capital city, Santiago, and head 1,650 kilometres north you would eventually come to what is the world’s largest open pit mine. Based 2,870 metres above sea level, the Chuquicamata Mine is without question one of the jewels in the crown of Codelco, the planet’s largest producer of copper.