miner

The federal and state government has approved BHP Billiton's (ASX:BHP) plan to expand the Olympic Dam copper, uranium and gold mine in South Australia. The $30 billion mine expansion could mean huge economic benefits, but Greens is protesting it will create radioactive waste.

The plan to create the world’s largest open-cut mine won the nod of the commonwealth, South Australian and Northern Territory governments yesterday.

Mongolia wants to up its stake in Rio Tinto (ASX:RIO) and Ivanhoe Mines' Oyu Tolgoi copper project to 50 percent from 34 percent. But under the agreement with Rio, such an increase is possible only after 30 years.

"We have sent the proposal to Ivanhoe to renegotiate the timeframe for us to increase the government stake," said Mongolia's Minister of Mineral Resources and Energy Dashdorj Zorigt.

Focus Minerals (ASX:FML) has made a bid for Crescent Gold (ASX:CRE), valuing the company at around $66 million. The deal put Crescent Gold shares at 6.5 cents a share and is expected to create a $460 million mid-level mining company.

One of the leading Australia based miner Rio Tinto (RIO), a company that focuses on the production of iron ore, copper and coal have seen a sharp rise in its share price after it revealed its better than expected annual earning figures on Thursday. While making statement on the earnings, Rio authority stated that the under lying profit of the company was as much as $US6.3 billion where previously the analysts expected it to be $US6 billion.