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Report: Glencore, Yancoal in discussions for Rio Tinto coal mines in Australia

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Report: Glencore, Yancoal in discussions for Rio Tinto coal mines in Australia

Mining majors Yancoal Australia Ltd., a Yanzhou Coal Mining Co. Ltd. subsidiary, and Glencore Plc are said to be in advanced discussions to acquire Rio Tinto's coal mining assets in Australia, The Australian reported Sept. 26.

According to the report, no single party is conducting exclusive due diligence, but "bilateral talks" are underway between both the hopefuls.

Previous reports suggested that both Yancoal and Glencore were interested in buying the coal portfolio from Rio Tinto, which is estimated to be worth about A$1 billion.

Deutsche Bank is handling the sale of the assets, which includes the Hunter Valley and Mount Thorley operations in New South Wales, as well as the Hail Creek and Kestrel mines in Queensland.