MINING.COM Staff Writer

According to reports more than 7,000 workers from Freeport McMoRan's massive gold and copper mine in Indonesia's western Papua region started a week-long strike on Monday to demand better wages. The Grasberg mine is the richest gold and third largest copper mine in the world and and the US company's local subsidiary is the largest single taxpayer to the Indonesian government.

AFP reports the Antwerp diamond industry, world capital of the gem, on Monday announced an investment deal with leading Chinese bank ICBC, which could act as an intermediary to provide finance for diamond transactions in Antwerp. Around 80% of the trade in uncut diamonds and half of world trade in cut stones transits through the Flemish town, which is facing increasing competition, including from India.

The National Union of Metalworkers of South Africa (Numsa) officially embarked on strike action on Monday, following a breakdown in negotiations at the end of June, saying it would not budge on its demands for a 13% across-the-board hike, better working conditions and a ban on labour brokers. Numsa, which represents about 120 000 workers, is being joined by five other trade unions, jointly representing at least another 50 000 workers. The strike action comes hard on the heels of growing alarm among South African mines about the impact of increasing talk of nationalization from factions within the ruling party.

Business Spectator reports the scale of the challenge confronting new Murchison Metals chairman, and former AGL chief executive, Greg Martin has been made clear by Monday’s presentation on the proposed Oakajee Port and Rail project and Murchison’s Jack Hills iron ore joint venture. Murchison, a company with a market capitalisation of less than $300 million, is trying to develop projects with combined capital costs of almost $10 billion.