News Wrap

IN THIS morning’s News Wrap: China burns much more coal than it claims; Macmahon receives first strike against remuneration report; and ore exports from Port Hedland sink before seasonal slump.

Lou Caruana

China burns much more coal than it claims

China, the world's leading emitter of greenhouse gases from coal, is burning far more annually than previously thought, according to new government data. The finding could complicate the already difficult efforts to limit global warming, according to the Australian Financial Review.

Even for a country of China's size and opacity, the scale of the correction is immense. China has been consuming as much as 17% more coal each year than reported, according to the new government figures.

Macmahon receives first strike against remuneration report

Macmahon Holdings' largest shareholder has surprised the mining services firm with a large no vote against the company's executive pay, delivering a “first strike” against its remuneration report, according to the Sydney Morning Herald.

Some 37.7% of votes were cast against the company's executive remuneration, and 36.8% against the reappointment of director Giles Everist at the company's annual meeting in Perth on Wednesday.

Ore exports from Port Hedland sink before seasonal slump

Iron ore cargoes from Australia's Port Hedland to China fell last month to the lowest level since July ahead of a seasonal slowdown in the largest buyer that may compound a decline in production and consumption as the economy cools, according to the Sydney Morning Herald.

Exports to China were 30.7 million tonnes from 33.8Mt the previous month and 31.7Mt a year earlier, according to data from the Pilbara Ports Authority on Wednesday. Overall iron ore shipments totalled 36.5Mt, down from a record 39.4Mt in September and 37.5Mt a year ago.

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