News Wrap

IN THIS morning’s News Wrap: Fortescue Metals Group forced to offer even bigger iron ore discount in China; Naguib Sawiris to launch new gold investment vehicle; and NSW coal mines in the pipeline are 'bigger than Adani', Lock the Gate says.

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Fortescue Metals Group forced to offer even bigger iron ore discount in China

Fortescue Metals Group has been forced to further discount its higher grade iron ore in China, as pollution control measures see steel mills cut back production during the northern winter.

Traders have told The Australian Financial Review the discount for Fortescue's December delivered product with 58.3% iron content had increased to 29%.

This is up from 25.5% in November and compares to a discount of just 8.5% in January.

Naguib Sawiris to launch new gold investment vehicle

The Financial Times reports that Egyptian billionaire Naguib Sawiris is set to launch a new investment vehicle to acquire gold mining assets across the world, expanding on the US...

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