Western Australia iron ore asset president Edgar Basto said the company's South Flank iron ore project was scheduled to be submitted for board approval mid-year and if approved, Mining Area C would become the world's largest stand-alone iron ore mining and processing centre.

Fellow diversified major Rio Tinto (LN:RIO) closed up 1.3% in London yesterday after announcing a debt reduction programme and agreeing to sell its stakes in two Queensland coal projects to Glencore (LN:GLEN) for US$1.7 billion.

Glencore however closed down 0.27%.

Meanwhile iron ore major Vale (BZ:VALE3) closed up slightly in Brazil.

Over in Toronto, Barrick Gold (CN:ABX) was down 1.94% as the US dollar gold price hovered around the US$1,314 mark ahead of a possible rate hike from today's US Federal Reserve FOMC meeting.

Among the juniors, Silver Bear Resources (CN:SBR) rose 8.7%, despite no news since January when it received a hazardous materials licence for its Mangazeisky property in Russia, which it said at the time would allow it to start hot commissioning followed by first silver production this quarter.