News Wrap

IN THIS morning’s News Wrap: Tax on LNG in the spotlight; Indian tribe blocks BHP rail line in protest; and copper slumps to lowest in six years on surplus.

Lou Caruana

Tax on LNG in the spotlight

About $200 billion in investments across five major liquefied natural gas projects will come online by 2018, according to the Sydney Morning Herald.

And yet a tax that is supposed to steer some of this wealth being tapped off our coastline to the public purse remains anchored at less than $1.5 billion a year.

Indian tribe blocks BHP rail line in protest

Anger in the Brazilian city of Mariana about the Samarco tailings dam disaster is turning to action, with an Indian tribe affected by the tragedy blocking a key iron ore railroad line owned by Vale, according to the Australian Financial Review.

Anger is growing and public protests are being called as the red-tinged iron ore slurry continues its polluting journey to the Atlantic Ocean about 500 kilometres away along one of Brazil's most important rivers, the Rio Doce.

Copper slumps to lowest in six years on surplus

Copper demand growth in China, which accounts for nearly half of global consumption estimated at about 23 million tonnes this year, has slowed significantly as industrial and construction activity has dwindled, according to the Sydney Morning Herald.

The copper market in 2015 will have a production surplus of 78,000 metric tons, even as mining companies cut output, according to CRU consultant Matthew Wonnacott.

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