Nearly 2000 engineering and manufacturing workers have agreed to accept a 3 per cent pay rise this year and the same again next year.

Better an utter, total if humiliating backdown than a messy compromise that keeps the mining issue alive into election year.

The Govt this morning withdrew its proposal to open up more than 7000ha of conservation land to prospecting and mining.

The Govt will today scrap hugely controversial plans to mine some of the country's most pristine conservation land.

The Government is backing down on its decision to mine conservation land in the face of furious public protest, according to reports.

Cabinet is due to make a decision today on mining high value conservation land.

Investors have piled into gold on fears that capitalism is about to crumble, sending the gold price soaring to record levels.

A compromise deal over the taxation of Australian mining companies has been announced by new PM Julia Gillard.

Nick Smith says uranium transiting through NZ ports will only be used for "peaceful purposes", despite one of its recipients being involved in making nuclear weapons.

Australia's biggest gold mine - visible from space and is even said to influence the weather - is set to expand.