VENTURE CAPITAL POST

Iluka Resources said it will cease production in zircon operation at Jacinth-Ambrosia project in South Australia following fall in zircon prices. The company's decision will positively impact the global market.

BHP Billiton said on Tuesday it would slash its iron ore production cost further and cut spending to better withstand a downturn in commodity prices that is testing even mining industry heavyweights.

Kuala Lumpur, Malaysia-based conglomerate Sime Darby Bhd, through its subsidiary Haynes Mechanical, picked up a 70% stake in Singleton, Australia-based mining machinery provider TFP Engineering for A$3.2 million (MYR9.5 million).

Subiaco, Western Australia-based mining firm Balamara Resources Ltd agreed to divest three of its non-core assets located in the Balkans for A$15.2 million to focus on its flagship projects.

Sydney, New South Wales-based mining and exploration company Kimberley Diamonds Ltd picked up the Argyle Smoke Creek diamond project from Mumbai, India-based firm Venus Metals Corp for A$1 million in combined cash and issued shares.

Perth, Australia-based gold mining and mineral exploration firm Saracen Mineral Holdings acquired Western Australia's unloved Thunderbox gold mine from Russian giant Norilsk in a deal valued at $20 million.

Insurance Australia Group Ltd (IAG) bought the Australian and New Zealand underwriting business of Western Australia's farmers' cooperative Wesfarmers Ltd for $1.845 billion.

Fairfax Media Ltd, the leading diversified media firm in Australia, has purchased property data and mapping company Property Data Solutions Pty Ltd for approximately USD30 million.