Fortescue confirmed it has submitted a bid to develop two blocks in the giant Simandou iron ore deposit.

Columnist Clyde Russell calls miners' motivation to tackle climate issues into question.

The deal ups Zijin’s holding to 13.88% from 9.8% and reduces Friedland’s to 13.2%, leaving two Chinese companies as the Canadian miner’s top shareholders.

It will provide at least 61,200 tonnes of cobalt hydroxide, or about a quarter of its annual production, to the Chinese company.