Energy Update

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* "Four Pillars" strategy offers little protection (Adds link to graphic)

July 22 (Reuters) - Gemfields Plc said an independent report confirmed that its 75 percent-owned Montepuez ruby mine in Mozambique has enough reserves to last more than two decades.

SYDNEY, July 22 (Reuters) - BHP Billiton's strategy of diversifying across commodities was designed to shield the miner in a volatile sector, but its entire suite of products suffered double-digit price falls in the latest half-year.

* China calls Japan defence review "malicious and misleading"

* More sanctions would lack 'credibility' (Recasts, adds quotes, background)

ABU DHABI, July 22 (Reuters) - The United Arab Emirates said it would let domestic fuel prices move more freely in a politically sensitive reform that could save the government billions of dollars and begin reducing the wealthy country's love of gas-guzzling cars with big engines.

* Doubt over renewable power auction (Updates comments, details throughout)

MANILA, July 22 (Reuters) - Semirara Mining & Power Corp , the Philippines' biggest coal miner, is halting coal exports to ensure continued supply for local power generation and cement production while operations at its main Panian mine are suspended.

* Environmentalists say work threatens Great Barrier Reef (Adds comment from Adani, POSCO E&C, Greenpeace)

DUBAI, July 22 (Reuters) - Iran will not accept any attempt to extend sanctions relating to its nuclear programme beyond 10 years, the Islamic Republic's senior nuclear negotiator, Abbas Araqchi, said on Wednesday.

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