MINING.COM Staff Writer

The Guardian reports the billionaire chief of ArcelorMittal Lakshmi Mittal is planning a giant new opencast mine 300 miles inside the Arctic Circle in a bid to extract a potential $23bn worth of iron ore. The mega-mine – which includes a 150km railway line and two new ports – is believed to be the largest mineral extraction project in the Arctic and highlights the huge commercial potential of the far north as global warming makes industrial development in the region easier.

StockMarketWire.com reports shares in Vane Minerals  jumped by over 17% after it revealed higher grade gold/silver production as a result of the joint venture formed with the Ruiz Brothers in June last year.  The results are the first that report the recovery progress from switching feedstock from solely Vane's wholly-owned Diablito mine to combining areas owned and mined by Ruiz. Headed by the ex-head of exploration at Freeport-McMoRan, Steven Van Nort, Vane also has gold and copper exploration projects in Mexico and Paraguay and uranium assets in Utah and Arizona.