News Wrap

IN THIS morning’s News Wrap: Bets against Vale surge on iron ore collapse; Chinese ‘golden ticket’ millions eye Australian mining assets; and AGL tops list of big carbon emitters after merger.

Lou Caruana

Bets against Vale surge on iron ore collapse

Traders are increasing bets that Vale SA is poised for further declines after its shares hit a 10-year low, according to the Australian Financial Review.

Short interest in American depositary receipts from the world’s largest iron-ore producer jumped to a record 27.4% of shares outstanding Monday, according to data compiled by London-based Markit and Bloomberg. The ADRs tumbled 3.6% to $US5.89 as of 12.25pm in New York, pushing losses in 2015 to 28%. They dropped 46% in 2014.

Chinese ‘golden ticket’ millions eye Australian mining assets

Chinese “golden ticket” visa money is looking for a home in Australian mining assets, with local private firms sounding out advisers on copper and gold assets to on-sell to visa hopefuls, often at a hefty premium, according to the Australian Financial Review.

Sell-side advisers said they have been fielding approaches from private domestic companies on West Australian assets priced about $2 million, and the firms are initially opaque on funding details.

AGL tops list of big carbon emitters after merger

AGL has emerged as Australia's biggest greenhouse gas emitter after its purchase of NSW assets added to its fleet of brown coal-fired power stations in Victoria, according to the Sydney Morning Herald.

According to data released by the Clean Energy Regulator and analysed in a report by the Australian Conservation Foundation, AGL narrowly trailed EnergyAustralia and Macquarie Generation in 2013-14, with each generating the equivalent of about 20 million tonnes of carbon dioxide.

With AGL having completed its purchase of MacGen from the NSW government last September, the company-wide emissions will now be about double those of EnergyAustralia.

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