MINING.COM Staff Writer

Mining giant Xstrata PLC says it will begin to export magnetite, a form of iron ore as it seeks to service Asian demand from its mining interests in Australia. The company spent $589 million redeveloping its Ernest Henry copper and gold mine in order to give it iron ore extraction capability.

Bloomberg reports Essar Africa Holdings Ltd., a unit of Essar Group, said it will process Zimbabwean iron ore before exporting it through a terminal it may build in Mozambique's port city of Beira. In March, Essar agreed to buy control of the steel and mining assets of the state-owned Zimbabwe Iron & Steel Co., known as Zisco.

Junior oilsands developers and producers flaunted their wares this week at an investment symposium, touting land mass, technology and diversity to attract joint venture money. The bulkier the company, the more conversations to be held with prospective joint partners, said presenters at the Canadian Association of Petroleum Producers conference on Tuesday.

CNBC reports Opti Canada Inc shares dropped to a record low on Wednesday as the troubled oil sands producer skipped a scheduled interest payment to conserve cash as it seeks to restructure its crushing debt. Opti shares fell 4 Canadian cents, or 27%, to 11 Canadian cents in the early afternoon on the Toronto Stock Exchange after the company said it wouldn't make a $71m interest payment due on Wednesday.

Bloomberg reports BHP Billiton Ltd., the largest mining company, Minmetals Resources Ltd. and First Quantum Minerals Ltd. are stepping up copper exploration in Zambia after prices for the metal more than doubled over the past two years.

According the analysts at Research and Markets the British steel industry is set for a slow recovery following another dismal year in 2010, although the planned acquisition of Tata Steel's mothballed complex in Teesside by a Thai steelmaker is welcome news in an otherwise gloomy outlook.