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News Wrap

IN THIS morning's News Wrap: Samarco bonds rebound on CEO's funding assurance; Palmer makes deman...

Lou Caruana

Samarco bonds rebound on CEO's funding assurance

Samarco Mineracao bonds rose the most in seven weeks as the miner responsible for Brazil's worst environmental disaster said it would be able to resume operations and cover debt payments using its own cash, according to the Sydney Morning Herald.

The iron-ore venture's $US1 billion of bonds due in 2022 jumped 4.1 cents on the dollar to 58.1 cents at 10.18am in New York, heading for the biggest gain since January 22.

Palmer makes demands before July restart for Queensland Nickel refinery

Clive Palmer's Townsville nickel refinery looks set to close for four months, and might never reopen if the mining magnate's own conditions are not met, according to the Sydney Morning Herald.

Palmer, the Federal Member for Fairfax, has detailed five demands he said must be met in order to save his embattled Queensland Nickel refinery.

Queensland Nickel Sales, a company set up last week to run the Yabulu refinery, wrote to the Queensland government to outline its five requirements for operations at the refinery to recommence from July.

Fortescue rating downgraded by Moody's, outlook negative

Fortescue Metals Group, the Australian iron ore producer that last week announced an accord with Brazilian counterpart Vale, had its debt rating cut by Moody's Investors Service, according to the Australian Financial Review.

The credit assessor cut its score on the Perth-based miner one level to Ba2, two steps below investment-grade, Moody's said in a statement on Monday. It has a negative outlook on the rating.

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