News Wrap

IN THIS morning’s News Wrap: Vale output seen at record level in latest quarter; fossil fuel activists target MPs on donations; and Clive Palmer ‘can't be trusted’, says former manager.

Lou Caruana

Vale output seen at record level in latest quarter

The biggest iron-ore miner is expected to have more bad news for its competitors this week: another quarter of record production, according to the Australian Financial Review.

On Thursday, Vale will report all-time high output of 88.3 million tonnes for the fourth quarter, up from 88.2Mt in the third quarter and 83Mt a year earlier, according to the average forecast of seven analysts surveyed by Bloomberg News.

Vale will join rivals Rio Tinto Group and BHP Billiton in boosting production at a time steel making and demand in China contracts after years of growth.

Fossil fuel activists target MPs on donations

Federal politicians who accept donations from gas, coal and oil companies are about to become the next target of climate campaigners, according to the Australian Financial Review.

Activist group 350.org plans to launch a “Pollution Free Politics” campaign on Wednesday in an attempt to use the federal election year to pressure politicians into supporting a ban on donations from the fossil fuels industry, and subsidies to it.

Clive Palmer ‘can't be trusted’, says former manager

A former project manager at Clive Palmer's Queensland Nickel has urged other employees and creditors to vote against any rescue package proposed by the resources owner, saying he could not be trusted with the future of the Townsville refinery, according to the Australian Financial Review.

As new documents reveal Queensland Nickel is set to face a cash loss of $42 million this financial year, the former staff member Bill Anderson said Palmer signed off on the majority of expenditure at the Yabulu refinery despite claiming he was at arm's length from the business.

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