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In other news, Reserve Bank of Australia deputy governor Ric Battellino warned interest rates will have to rise around the world to combat inflation.

His comments come ahead of the RBA?s next board meeting which is scheduled for June 7.

The bank has been on hold with rates at 4.75% since November.

He also dismissed any notion of a commodity price bubble.

Battellino made the comments during his speech to the Annual Stockbrokers Conference in Sydney this morning.

Of the big miners, BHP Billiton closed 94c higher on $43.91, Rio Tinto gained $1.53 to $80.25, OZ Minerals gained 6.5c to $1.355 and Paladin Energy finished 16c higher on $3.25.

Fortescue Metals Group jumped 9c to $6.33 after announcing today it was postponing a $US1 billion unsecured term loan facility.

One of the big movers of the day was mineral sands hopeful Magnetic Resources with its shares up 40% or A6c to 21c after yesterday announcing it had extended the magnetic target zone at its Jubuk magnetite project in WA.

Fellow junior Sabre Resources also had a run, with its shares up nearly 24% or 2.5c to 13c after confirming broad outcropping lead-zinc mineralisation in channel sampling at its Driehoek in Namibia.


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