China gobbles Amazon rainforest ore to clean its polluted skies
It is turning to Brazil for its resources instead; the latter's exports are booming, but its forests are vanishing
Rio de Janeiro
A BID by China to clean up pollution in its biggest cities and industrial towns is fuelling a push to mine resource riches on the other side of the globe in the Amazon rainforest - one of the most environmentally sensitive areas on Earth.
Smog-laden skies across the world's most-populated country prompted the government to impose curbs on a domestic steel industry that uses coal-fired blast furnaces to melt iron ore. That's led to increased demand for higher-grade ore from overseas that can produce more steel with fewer emissions, and profit margins on those shipments have surged.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply