Iron ore price: BHP starts work on $3.2 billion mine

Following on the footsteps of an ambitious, $80 billion plan to invest in Quebec's north announced earlier this week, the provincial government is looking at changing its Mining Act, the Montreal Gazette writes: Bill 14, amending Quebec’s Mining Act “in keeping with the principles of sustainable development” was presented Thursday in the Quebec National Assembly.

The Canadian province of Quebec plans to develop its huge frozen northern reaches into a powerhouse of mining and renewable energy, targeting C$80 billion ($83 billion) of private and public investment. Quebec's 25-year "Plan Nord," launched on Monday, envisages funding for infrastructure, mines and the development of renewable energy, taking advantage of an improving investment climate as the earth warms and polar ice melts.

Advanced Explorations Inc. (TSX-V:AXI) is pleased to announce progress in the ongoing Feasibility Study work for the C-Zone of its Roche Bay Iron Project in Nunavut, northern Canada. The Company has concluded multiple advantages may be drawn from an increased production of up to 5 million tonnes per year of concentrate (65%-66% Fe grade). This represents a 66% increase in production from the previously announced base case (3 million tonnes per year).

Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) announced today that employees at its Fording River operation in southeastern British Columbia have ratified a new five-year agreement, replacing an agreement which expired on April 30, 2011. "Our discussions with the union were very productive and we are pleased to have reached a new five-year collective agreement at our Fording River operation," said Bill Fleming, Vice President, Operations and Engineering.

Sandvik Mining and Construction has signed a major materials handling contract with a major mining company in Latin America. The contract value exceeds SEK1,200 million and will be executed and contribute to SMC business during the years 2011 until 2013.

Despite adverse weather conditions and natural disasters, Vale reported pellet output reached a record 12.5 Mt. for the first quarter of the year, up 19.3% from 10.5 Mt reported during the same period of last year. Iron ore production in the first quarter reached 71.5 Mt., a 3.7% increase over the same quarter of 2010. "For 2011 we continue to pursue the goal of 322Mt including the 11 Mt attributable production from Samarco," the company said.

Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today announced it has been added to the Fortune 500 list 2011, Fortune Magazine's annual ranking of America's largest companies by revenue. Cliffs is ranked at No. 477, with annual revenues of $4.7 billion for 2010. "We are pleased to attain this ranking in the prestigious Fortune 500," said Joseph A. Carrabba, Cliffs' chairman, president and chief executive officer. "We consider it another significant milestone in our growth."

A planned dividend payment by steelmaker Siderar SID.BA was blocked by an Argentine judge on Thursday in the latest twist in a row linked to the government's efforts to tighten control over leading companies. The steel company had planned to pay a 2010 dividend of $359.5 million on Friday despite a ruling last month by the country's stock market regulator that effectively annulled the payment by declaring a shareholders meeting void.

India-focused miner Vedanta Resources (VED.L) posted a 29 percent jump in full-year earnings per share, on the back of strong metal prices and a background of robust demand for commodities. Vedanta, with operations in India, Australia and Zambia, said on Thursday basic EPS came in at 283 cents.