News Wrap

IN TODAY’S News Wrap: Samarco disaster caused by negligence, says a Brazilian official; Turnbull climate plan deficient, says Institute; and Forrest dismisses FMG ‘protest vote’.

Lou Caruana

Samarco disaster caused by negligence, says a Brazilian official

The Australian Financial Review reports that Minas Gerais environmental prosecutor Carlos Eduardo Pinto said the Samarco dam burst was “no accident”

Pinto had warned of problems with erosion and destabilisation at Samarco two years ago and said Thursday’s accident was caused by negligence and human error.

The official death toll is four, while 22 people are still missing.

Turnbull climate plan deficient, says Institute

The Sydney Morning Herald reports that the centrepiece of the Turnbull government's climate policy will deliver just one-seventh of Australia's post-2020 carbon reduction goals, according to analysis by The Climate Institute.

The $2.55 billion Emission Reduction Fund (ERF) – which may swell to almost $5 billion by 2030 – will likely deliver about 355 million tonnes of carbon abatement, based on the price paid in the fund's first auction, the group said in a report.

Forrest dismisses FMG ‘protest vote’

Fortescue Metals Group chairman Andrew Forrest has dismissed a strong protest vote against the company’s remuneration report, according to the West Australian.

Around 19% of proxies went against the report, but not enough to give the company it’s first strike.

“I say to others, before you vote, come and talk,” Forrest said.

Forrest also said he expected conditions in the iron ore sector to worsen before they improved.