News Wrap

IN THIS morning’s News Wrap: X2 drafts in Goldman for its dig at Rio's coal assets; Rinehart says dad Lang Hancock would not be thrilled at family dispute; and AGL Energy to take $603 million writedown on gas business and sell some assets.

Lou Caruana

X2 drafts in Goldman for its dig at Rio's coal assets

X2 Resources has turned to Goldman Sachs as it works on a potential $4 billion acquisition of Rio Tinto's NSW coal assets, according to the Australian Financial Review.

X2 has been in talks with Rio about the Hunter Valley thermal coal assets for months. Goldman is running its side of things out of its London office but the Australian team is also on board.

X2 has been working on potential valuations for the assets and it has been reported the talks with Rio Tinto are “serious”

Rinehart says dad Lang Hancock would not be thrilled at family dispute

Hancock Prospecting chairwoman Gina Rinehart says her late father would have had “great feelings” about her management of the iron ore dynasty, although he would not be thrilled at the litigation now tearing apart the family, according to the Australian Financial Review.

Rinehart told Australian Story that securing the financial backing to construct the Roy Hill mine fulfilled Lang Hancock's dream of being an iron ore mine owner-operator.

AGL Energy to take $603 million writedown on gas business and sell some assets

AGL Energy has ditched ambitions to be semi-self sufficient in gas production but will continue to pursue a controversial coal seam gas project in NSW after a review of its gas business that has triggered more than $600 million in write-downs, according to the Sydney Morning Herald.

Chief executive Andy Vesey told investors AGL would not commit significant capital to gas production amid uncertain long-term energy prices, and because it is confident that ample supplies would be available from producers on the east coast.

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