News Wrap

IN THIS morning’s News Wrap: Japan stands by coal power; Palmer shifts blame for Queensland Nickel job losses; and Citic looking forward after 'very challenging' Sino Iron construction.

Lou Caruana

Japan stands by coal power

Faced with pressure from environmentalists to phase out coal, Japan is standing by its support of the fossil fuel, saying it will help developing countries adopt the best available technologies for coal-fired power plants, according to the Australian Financial Review.

Pressure to rein in carbon dioxide emissions is intensifying, especially after the Paris Agreement, a global deal reached in December to tackle climate change.

Palmer shifts blame for Queensland Nickel job losses

Outgoing federal MP Clive Palmer has filed a statement of claim against the administrator of his failed nickel business, insisting John Park is to blame for the loss of hundreds of jobs, according to the Sydney Morning Herald.

About 800 workers lost their jobs when Palmer's Townsville refinery closed and special-purpose liquidators are now attempting to claw back almost $70 million in taxpayer funds used to cover workers’ entitlements.

Queensland Nickel's administrator and now liquidator, FTI Consulting, claims there's evidence Palmer acted as a shadow director and used the ailing business to bankroll other interests.

Citic looking forward after 'very challenging' Sino Iron construction

Citic Pacific Mining CEO Chen Zeng says he doesn't like to dwell on the chequered and often “very challenging” history of the company's massive Sino Iron magnetite project and is confident it will deliver value to the company's shareholders, according to the Australian Financial Review.

Since buying the project located about 100km south west of Karratha in Western Australia's Pilbara region, from Clive Palmer's Mineralogy in 2006 for $US415 million, Chinese state-owned Citic has been significantly slower to ramp-up production and the scheme far more costly than originally expected.

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