Glencore-led consortium out of Anglo American's $1.5b-plus coal sale

A consortium led by commodities trading giant Glencore has withdrawn from Anglo American's sale of its Queensland metallurgical coal assets, according to the Australian Financial Review.

It's understood Glencore submitted an offer with China's Citic Group and Japanese trading house Itochu on June 6. However, the heavyweight group's bid was too low and it has been cut from the short-list.

Mackenzie predicts 10-year commodity glut

BHP Billiton chief executive Andrew Mackenzie says the global oversupply of mining commodities will drag on for another decade, according to the Australian Financial Review.

He said iron ore has settled at a more “realistic” price.

In response to a question from a hedge fund manager in New York about world commodity markets, the head of the largest mining company said the supply of crude oil and copper would decline naturally.

Germany proposes blanket ban on fracking

Germany's coalition government has agreed to ban fracking for shale gas after years of fractious talks over the issue, but environmental groups said the ban does not go far enough, according to the Sydney Morning Herald.

The decision means test drilling will be allowed, but only with the permission of the respective state government, officials said.

German industry is keen to keep the door open to fracking – which involves blasting chemicals and water into rocks to release trapped gas – arguing it could help lower energy costs, but opposition is strong in the country, where a powerful green lobby has warned about possible risks to drinking water.