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The newly forged iron ore-to-copper empire Glencore Xstrata was forced to slash the value of its assets by $8.5bn (£5.4bn) in the first set of results since the merger that created it.

Leading article: The real political power Down Under

The message is clear: Australian politicians tangle with the mighty national mining industry at their peril.

No agreement in talks on Australian mining tax

Talks between the Australian government and leading mining executives failed to break the deadlock over the proposed 40 per cent profits tax on the resources industry, both sides confirmed yesterday, with more negotiations now scheduled for the end of the week.

Mining industry claims triumph over Henry tax as Rudd goes

The mining industry could barely contain its collective glee yesterday as Australia's new Prime Minister, Julia Gillard, offered fresh talks on the country's proposed resources super tax, which the miners have spent millions of dollars campaigning against over the past two months.

Rio and BHP score points over Australian government with iron ore royalty deal

Rio Tinto and BHP Billiton yesterday agreed to pay Western Australia increased royalties if the companies' huge iron ore joint venture in the state is given the green light.

BHP Billiton seeks out acquisitions

BHP Billiton is looking worldwide for acquisition opportunities to take advantage of the current market weakness, the global miner's petroleum president, Michael Yeager, said yesterday.

First London bank, 'saviour' of Notts County, is wound up

The controversial boutique, which persuaded Goran Eriksson to join a League Two team, is no more

Rio Tinto shifts its stance on new tax

Rio Tinto, the mining group that analysts expect to be hardest hit by the proposed 40 per cent tax on resources groups' profits in Australia, said yesterday that it is not against a profits-based levy.

Rio Tinto chief savages Australian super tax

Rio Tinto's chief executive, Tom Albanese, broke his silence on Australia's proposed 40 per cent on profits in the mining industry yesterday, threatening to withdraw investment from the country.

David Prosser: Australia makes its assets sweat

Outlook How British politicians must envy Kevin Rudd, the Prime Minister of Australia. Every time they even hint at the possibility of higher levies on the City, the engine room of the UK economy, the banks and the hedge funds insist they'll decamp to Switzerland faster than you can say windfall tax. Mr Rudd, by contrast, knows the mining industry that he is about to hit with a 40 per cent supertax on profits can make no such threats. It must base itself where the world's minerals are to be found. For the likes of Rio Tinto and BHP Billiton, getting out of Western Australia would be unthinkable.

US corruption investigation centres on BHP Billiton

BHP Billiton became the latest mining company to be embroiled in a corruption scandal yesterday when it admitted it has been under investigation by the US Securities and Exchange Commission (SEC) since August last year.

Deripaska pledges $40m to charity

The Russian oligarch Oleg Deripaska is donating two-thirds of a $62m (£40m) bonus for the successful flotation of aluminium giant Rusal to charity. Mr Deripaska is required to hold on to the stock options for two years, but they will then be spent helping to set up service companies and industrial ventures in areas where Rusal operates. The payout drew particular attention when it was made public last week because Rusal's shares are still trading at less than the opening price at the initial public offering in Hong Kong in January, despite a 10 per cent increase in the Hang Seng index. Mr Deripaska's bonus comes on top of a $10m basic salary that dwarfs that of rivals such as Marius Kloppers at BHP Billiton. But he defended his pay packet. "Spending time in London or New York is very different to flying into Nigeria to free staff or to oversee a construction in minus 41 degrees in Siberia," he said. "It's certainly nicer to sit at home by 7pm wearing carpet slippers."

Rusal hands Deripaska $70m despite trailing share price

Oligarch nets huge bonus in middle of executive pay controversy

Vale and BHP in historic iron ore price move

Miners and steel groups agree to scrap annual pricing after decades

Brinkmanship increases over iron ore price negotiations

Iron ore producers have offered Chinese steel mills a 50 per cent hike in the price of the commodity during annual negotiations, reports in the state-owned Chinese media suggested yesterday.

Trade minister rejects plan to nationalise SA mining sector

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