The Chinese General Administration of Customs reported that the country's iron ore and concentrates imports were 49.94 million tonnes in October, down 17.5% from 60.57 million tonnes in September 2011. The spot price for iron ore arriving at China’s Tianjin port increased to $134.40 a tonne last week from $116.90, the lowest in almost two years, on Oct. 28. Most analysts believe do not expect prices to return to the historic highs above $180 seen just two months ago thanks to the volume-driven market strategy of the big three producers and China's plans to increase its domestic supply by 40% over the next four years and up its investment in mines abroad.

Chile will draw on all options at its disposal, including suing for damages, to defend the interests of state-owned Codelco in its fight with Anglo American, President Sebastián Piñera told the Asia Pacific Economic Cooperation Forum on Saturday. Earlier Codelco's chief Diego Hernandez said in a press interview the looming legal battle with Anglo could take three to four years to be resolved. The state-owned copper giant is putting together a crack team of lawyers and financial advisers from Chile and New York to fight Anglo's attempt to block it from exercising an option to buy half of Anglo's Chilean copper assets for $6 billion. Anglo last week sold 24.5% to Mitsubishi for $5.4 billion.

Australia's Minister for Resources, Martin Ferguson, has rejected reports in the Indian press that the carbon tax and mineral resources rent tax will deter foreign investment as it pushes up the price coal imported from Australia. Australia's controversial carbon pricing scheme passed parliament last week. The laws – fiercely opposed by the country's mining sector which says it will lead to more than 20 mine closures and cost thousands of jobs – will force Australia's top 500 polluting companies to pay a tax of $24.50/tonne on carbon emissions from July 2012.

Business Times reports thousands of people face evacuation from greater Johannesburg in the Gauteng province – the economic heartland of South Africa – due to toxic sludge from abandoned gold mines laced with high radiation levels. Acid mine water, the result of groundwater flowing through underground shafts, is decanting from an old uranium mine and rising by half a metre a day beneath the city of 7 million people. Mass evacuation of informal settlements is one of several recommendations in a government-commissioned plan drafted in June to deal with 380 acid mine dumps – many of them radioactive – left over from more than century of underground mining. Uranium is often mined as a byproduct of gold in South Africa.

Business Live reports De Beers high-quality diamond retail arm Forevermark will not sell any diamonds from Zimbabwe's controversial Chiadzwa and fields, CEO Stephen Lussier said at the launch of the exclusive brand in South Africa. This comes after the industry regulator, the Kimberley Process, gave Zimbabwe the green light to resume diamond exports from Marange last week. The decision is already being questioned, after the country's mines minister admitted on Thursday that smuggling was still rife. International sales from Marange were banned in 2009 after hundreds were killed and thousands of local miners were driven off claims when the army seized control of the area.

The Globe & Mail reports this week, British Columbia premier Christy Clark announced during her China trade mission that she has secured $860 million in financing to build a coal mine in northeast BC near Hudson’s Hope which will eventually create 4,800 jobs. What Clark didn’t mention is the hitch: The proposed Gething mine would be built in the West Moberly First Nation’s territory. The province knows full well that the native band – one of a small number with a treaty in BC – opposes the plan.

Xinhua reports the chief of China's work safety watchdog on Saturday decried the poor safety standards at a coal mine where rescuers had pulled out 30 bodies and are still searching for 13 others following a gas outburst three days ago. Director of the State Administration of Work Safety Luo Lin, who led a investigation of the Sizhuang Coal Mine, located in the county of Shizong in southwestern Yunnan province, described the mine's safety measures as "very poor." The mine was found to be operating illegally, having had its license revoked a year ago, according to a statement from the provincial coal safety supervision bureau. Latest official data shows that more than 2,600 people died in mining accidents in 2009.

The Telegraph reports Anglo American CEO Cynthia Carroll took a last-minute flight to Santiago on Thursday to calm tempers over the sale of a 24.5% stake to Mitsubishi Corporation but neither Chile's president Sebastian Pinera, finance minister Felipe Larrain or mining minister Hernan de Solminihac would see her. She is understood to have contacted all three before announcing the $5.39 billion deal that undermines state-owned copper giant Codelco's plan to exercise the 33-year old option to buy half of Anglo's Sur copper complex. The Mitsubishi transaction values Anglo Sur at $22 billion and Anglo's stock is up 4.8% since the deal. Codelco was offering $6 billion for 50% and is now putting together a team of top New York and Chile litigation firms and financial advisor Rothchild.

Nautilus, the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits, announced on Friday it has completed the quarter with a cash balance of $155.1 million, after successfully raising $70.5 million in the first tranche of a $98.1 million capital raising. The final tranche of C$27.6 million was received in October. The capital raising involved the issue of approximately 39 million shares at C$2.52 per share. Nautilus is developing its first project at Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce gold, copper and silver. The company has been granted all necessary environmental and mining permits. Nautilus also holds approximately 600,000 square kilometers of highly prospective exploration acreage in the western Pacific, in PNG, the Solomon Islands, Fiji, Vanuatu and Tonga, as well as in international waters in the eastern Pacific.