Call to boost coal efficiency
Australia should use the G20 to propose a global program to make coal-fired plants more efficient to help tackle climate change, while also making a contribution to the eradication of poverty, according to the world's leading coal producers, according to The Australian.
Milton Catelin, chief executive of the World Coal Association, which represents major international coal producers and stakeholders, said coal was vital to emerging economies because it was fuelling economic development.
Roy Hill finds $7B hard to get
Gina Rinehart’s Roy Hill project is 30% complete, but still has not locked down its $US7 billion debt financing, with chief executive Barry Fitzgerald unable to confirm the completion of debt financing, saying only that it was ‘‘well progressed’’, according to the Australian Financial Review.
China fears trigger drop in copper prices
Copper's role as collateral for loans in China has sparked a sharp selloff as the government cracks down on the country's shadow finance sector, according to the Sydney Morning Herald.
Financial deals being unwound due to sliding copper prices are in turn driving copper prices and the value of collateral even lower.
The copper price plunged 2.6% overnight on Tuesday, adding to a rough few days for the metal, and was trading at $US2.93 a pound in late trade. Copper has slumped 8.6% since Friday.
