News Wrap

IN THIS morning’s News Wrap: Allianz divests out of coal; India is bright spot for iron ore miners; and mud reaches Atlantic in Brazil's worst environmental disaster.

Lou Caruana

Allianz divests out of coal

Allianz is the latest big company turning its back on coal, with the German financial services giant vowing to offload significant coal holdings within six months, according to the Australian Financial Review.

On Tuesday morning, it was revealed Allianz chairman Oliver Bate was one of 78 corporate leaders to sign a letter urging nations to strike a bold and ambitious pact to combat climate change at the United Nations climate conference in Paris.

He was joined on the list by the bosses of major companies such as Siemens, Dow Chemical, Jindal Steel and Power, Nestle and Australian billionaire Anthony Pratt, who is executive chairman of packaging company Visy Industries.

India is bright spot for iron ore miners

Oversupply might have helped push the iron ore price down to near decade lows but Australian miners can breathe easy on former Rio Tinto boss Tom Albanese's call that former industry heavyweight India is unlikely to emerge as a major exporter any time soon, according to the Sydney Morning Herald.

India is one of the great unknowns in iron ore. What is clear is that steel demand in India, while maybe not holding the same trajectory as China, is on the rise, Delhi-based Albanese said.

Mud reaches Atlantic in Brazil's worst environmental disaster

The mineral sludge that killed at least 12 people in Brazil and polluted more than 600km of river system in Brazil has arrived at the Atlantic Ocean, extending its trail of destruction to a delicate marine environment, according to the Sydney Morning Herald.

The mudflow stems from the failure of the Fundao dam at the BHP Billiton-Vale joint venture Samarco Mineracaos in Minas Gerais. The dam burst on November 5, taking with it millions of cubic metres of tailings from Samarco's iron ore operation.

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