News Wrap

IN THIS morning’s News Wrap: Offset required for new NSW underground coal mines; copper bulls applaud Glencore; and Atlas optimistic about outlook for iron ore.

Lou Caruana

Offset required for new NSW underground coal mines

A draft policy awaiting approval from New South Wales planning minister Rob Stokes states that where impacts from underground coal mines are predicted to have “greater than negligible environmental consequences, then an offset will be required as a condition of consent” for new projects, according to the Sydney Morning Herald.

The new policy would be applied to all new mines approved from the end of October, including the Springvale mine expansion plan now before the Planning Assessment Commission.

Copper bulls applaud Glencore

Glencore’s decision to cut production at its African mines led analysts from Citigroup to ICBC Standard Bank to update their copper supply forecasts, according to Bloomberg.

Australia & New Zealand Banking Group said it signals a bottom for prices. The metal on Wednesday climbed to a seven-week high in London, gaining as much as 1.7% to $US5434.50 a tonne.

Atlas optimistic about outlook for iron ore

Atlas Iron said iron ore's prospects for the rest of the year aren't that poor as supplies from less efficient mines dwindle, according to the Sydney Morning Herald.

Chinese buyers are also replenishing inventories, boosting demand, said Atlas Iron managing director David Flanagan.

Global supplies from high-cost mines will continue to shrink, he said in an interview on Wednesday. Atlas operates mines in Australia's ore-rich Pilbara region.

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