Melbourne/New York/Sydney — Glencore and a group led by Apollo Global Management are among bidders set to be short-listed for the sale of Rio Tinto’s last remaining coal mines, which could fetch more than A$2bn ($1.5bn), people familiar with the matter said. Whitehaven Coal and South32 also made indicative offers for the Hail Creek and Kestrel mines by the deadline this month, the people said, asking not to be identified because the information is private. The parties, which also include EMR Capital Advisors, are preparing to enter the second round of the sale process, which will include management presentations and site visits, before deciding on final bids, the people said. A sale would allow Rio, the world’s second-biggest miner, to complete its exit from coal and continue an asset divestment programme that has returned more than $7bn since 2013. This year it agreed to sell $2.69bn of Australian mines to a company controlled by China’s Yanzhou Coal Mining, and CEO Jean-Sebastien ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.