Deals
Rio’s Australia Coal Mines Said to Draw Interest From New Hope
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Rio Tinto Group’s sale of Australian coal assets has drawn interest from New Hope Corp., potentially pitting it against Glencore Plc and former Xstrata Ltd. head Mick Davis, people familiar with the matter said.
New Hope, the Australian coal producer, is interested in some of Rio’s mines in the country’s New South Wales state, said the people, who asked not to be identified as the information is private. Possible bids from Glencore and Davis’s private-equity firm X2 Resources for all the assets may value Rio’s controlling stakes in the three mines at $3 billion to $4 billion, the people said.