News Wrap

IN THIS morning’s News Wrap: Energy industry cheers Frydenberg's “holy grail” portfolio; Interested buyers start perusing Moly-Cop teaser document; and X2 Resources window closes, for now.

Lou Caruana

Energy industry cheers Frydenberg's “holy grail” portfolio

The Australian energy industry has welcomed the Turnbull government's decision to give one minister control of both the environment and energy portfolios, with Josh Frydenberg given the challenging gig on Monday, according to the Sydney Morning Herald.

The Australian Petroleum Production and Exploration Association chief, Dr Malcolm Roberts, said combining the two portfolios was the “holy grail” of policy development.

Interested buyers start perusing Moly-Cop teaser document

The starting gun has sounded for the latest sale incarnation of Arrium's prized Moly-Cop business, according to the Australian Financial Review.

A teaser document for the auction, mark two, is hitting the desks of a select group of potential buyers. An information memorandum will follow in mid-August.

Moly-Cop, a manufacturer and supplier of grinding balls and rods, is expected to be worth $1.5 billion to $2 billion.

X2 Resources window closes, for now

It will come as no surprise to Australian bankers that Mick Davis's grand private equity project, X2 Resources, has seemingly run out of puff, according to the Australian Financial Review.

Rumours were circulating locally at the start of 2016 that X2, which was supposed to seize on cheap assets during the mining downturn, had lost backers and was as good as finished in its existing form.

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