News Wrap

IN THIS morning’s News Wrap: Land owners claim govt betrayal over Adani; Arrium administrator KordaMentha has ‘complete alignment of interests’; and iron-ore's next big threat looms in China's junkyards.

Lou Caruana

Land owners claim govt betrayal over Adani

Traditional owners of Queensland's Galilee Basin have accused the state's mines minister of betrayal as they launch fresh legal action against approval of Adani's Carmichael mine, according to the Sydney Morning Herald.

At the beginning of the month, Anthony Lynham cleared the last major state hurdle for the Indian giant to proceed with its $22 billion-project - which would be Australia's largest - including associated rail and port facilities.

Wangan and Jagalingou (W&J) representatives on Wednesday released a letter from the mines minister's office, dated October 2015, in which Dr Lynham said he would consider the lease applications after all legislative requirements were satisfactorily explored.

Arrium administrator KordaMentha has ‘complete alignment of interests’

The new administrator of collapsed steelmaker Arrium, Mark Mentha, says the complete breakdown in trust between the former board and its bankers could have spelt doom for the Whyalla steelworks because there were rushed short-term decisions being made, according to the Australian Financial Review.

“The company went into administration primarily as a failure by the company and its financiers to negotiate a go-forward solution,” Mentha said.

Iron-ore's next big threat looms in China's junkyards

As China's booming middle class junks ageing cars and home appliances, the next threat to the world's ailing iron-ore producers is materializing, according to the Sydney Morning Herald.

In a country that uses more steel than any other, it's now become about as profitable to make the alloy by melting down scrap metal as it is from iron-ore and coal in a traditional furnace. China's scrap supply will double in the next decade and then accelerate at an even faster rate, according to investment research firm Morningstar.

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