News Wrap

IN THIS morning’s News Wrap: China coal imports slump further in May as policies bite; China's consumption of iron ore falls as construction activity remains flat; and Newcrest refuses to give up on Telfer gold mine sale.

Lou Caruana

China coal imports slump further in May as policies bite

China's coal imports slumped 41% in May from a year earlier to 14.25 million tonnes and were down sharply on April despite industry expectations of a pick-up in seasonal demand, data showed on Monday, according to the Sydney Morning Herald.

Total imports in the first five months of the year reached 83.26Mt, down 38.2% compared with the previous year, according to preliminary data from China's General Administration of Customs.

China's consumption of iron ore falls as construction activity remains flat

China’s iron ore imports slumped 8.5% by volume in May from a year earlier, threatening Australia's surprisingly good first-quarter gross domestic product growth which was helped by earlier strong exports of the key steelmaking commodity to China, according to the Australian Financial Review.

Data released by the Customs Bureau on Monday showed in May China’s overall balance of trade fell 10% from a year earlier, after another weak month of imports.

Newcrest refuses to give up on Telfer goldmine sale

Newcrest Mining insists that its review of ownership options for the Telfer goldmine will remain open until October, despite speculation the sale process will soon be closed, according to the Sydney Morning Herald.

The goldminer thrust Telfer into the shop window on Valentine's Day after a big improvement in profitability at the mine and amid a flurry of acquisitions in the Australian gold sector.

But the sale process for Telfer has lagged behind asset sales by Barrick and Newmont, and speculation persists that the sale process would be cancelled due to a lack of competitive bids.

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