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Tuesday, August 11, 2009.

From Creamer Media in Johannesburg, I'm Shannon O'Donnell.

Making headlines today:

Anglo-Australian miner Rio Tinto says that it has yet to be presented with any evidence to support the detention of four of its China-based staff on suspicions of stealing state secrets.

The mining giant says it has also not been informed of any charges against its detained staff, which include Rio Tinto's top iron-ore salesperson in China, Australian Stern Hu.

Hu and three Chinese colleagues were detained a month ago on suspicion of spying on Chinese steel mills. Rio Tinto and Anglo-Australian firm BHP Billiton are currently locked in iron-ore price negotiations with China.

Rio's iron ore division chief Sam Walsh says the company continues to be concerned for the health and welfare of its three other employees detained at the same time as Stern Hu. However, he noted that the Australian government had informed the company that Hu was well.

The Rio detentions have cast a shadow over Australia-China trade, worth 53-billion-dollars in two-way terms in 2008.

Japan's number three copper smelter, Mitsubishi Materials Corp, has returned to full production, becoming the first major Japanese firm to reverse cuts, although the situation still requires careful monitoring as demand hasn't returned to levels prior to the economic slump.

Most Japanese smelters have been producing about 10 percent less copper than their capacity since early this year, after the global economic crisis drastically cut demand for the metal.

Data shows that the slump in Japan's domestic demand for copper products is showing signs of easing, although levels remain sharply lower than a year earlier.

Also making headlines:

India's Sterlite increases its bid for bankrupt miner Asarco.
Uranium giant Cameco Corporation says there is 'no material change' in its Centerra sale plans.
The World Bank sees signs of progress on the China-DRC deal.
And, Canadian gold miner Gammon Gold will restate and refile its 2008 financial statements.

That's a round up of news making headlines today. For more on these and other stories please visit miningweekly.com.