News Wrap

IN THIS morning’s wrap: Cascade Coal’s A-list of investors; coal and iron ore add pressure to terms of trade; and US expert warns on growing energy risk.
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Sir Ron Brierley

Staff Reporter

Cascade Coal’s A-list of investors

Legendary corporate raider Ron Brierley, mining identity Peter “Talky” Newton and his Monaco-based friend Bobby Pittorino are among the wealthy investors who poured $28 million into Cascade Coal, according to the Australian Financial Review.

Other prominent investors include property developer Denis O’Neil, his son Ned and car dealer Neville Crichton.

How Cascade Coal obtained an exploration licence in the Hunter Valley is the subject of an investigation by the New South Wales Independent Commission Against Corruption.

Coal and iron ore add pressure to terms of trade

Weakness in bulk commodity markets will continue to pressure Australia’s terms of trade until at least the second quarter of 2013, analysts warn, as iron ore and coal prices reel, according to the Australian Financial Review.

US energy expert warns on growing energy risk

Institute for 21st Century Energy president Karen Harbert says Australia’s energy security picture is becoming more risky with an increasing dependence on oil imports, an electricity industry largely fuelled by coal and rising energy consumption, according to The Australian.

It is in contrast with the US, where energy security has been improving compared with the rest of the world as a result of a big increase in locally produced gas and oil and more focus on energy efficiency.

"Australia energy security scores have consistently been among the best of the large energy users," Harbert said.

Institute for 21st Century Energy is an arm of the US Chamber of Commerce.

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