The world's second largest steel maker, Baosteel, saw its net profits drop by over 40% in 2011.

The Fortune 500 company had net profits of 7.36 billion yuan (US$ 1.67 billion) last year, despite its gross revenue rising 10% over the same period to 222.86 billion yuan.

China's steelmakers have been feeling pressure from increasing raw material prices, which has led to recent efforts to set-up the first spot iron ore market.

Having already touched the ocean floor, metals exploration is looking to move into the final frontier: Space.

Planetary Resources Inc., founded by space tourism entrepreneurs Eric Anderson and Peter Diamandis, is raising money in order to take the first step in moving exploration into space. Within two years they hope launch reconnaissance telescopes that would examine thousands of asteroids closely orbiting the earth.

Asteroids can be contain higher levels of platinum group metals (PGMs), including platinum, palladium and rhodium, than any ore bodies in the earth's crust. They can also be made-up of nickel, iron and water.

The company's vision is simple: To bring the natural resources of space within humanity's economic sphere of influence.

While I don't know if the cost of 'space mining' makes such an adventure profitable today, it is not unfathomable that space exploration will play a part in solving issues of resource depletion in the future.

Despite lower metal prices, Teck Resources Ltd. posted record revenues in the first quarter of 2012.

The Canadian-based mining and metals company, which is a major producer and supplier of zinc, lead, copper and coal, as well as minor metals such as germanium and indium, earned roughly $2.5 billion in the first quarter.

Teck's mining and metals activities date back to the early 20th century, but in 2008 the company invested heavily into coal, while earlier this year, they spent over $400 million to acquire assets in the Canadian oilsands.

Company Profile: Teck Resources Ltd.

Molycorp Inc. announced last week that its Mountain Pass mine contains 36% more probable or proven rare earth reserves than previously estimated.

Molycorp's total rare earth reserves are now measured at 2.94 billion pounds of contained rare earth oxide equivalent, or about 11 times the current global demand for rare earth.

The company, which plans to be producing at an annual rate of 19,050 tonnes by the end of this year, is expected to become the first major source for rare earth elements outside of China in decades.