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Report: Rio's remaining 2 coal mines to draw bids up to US$2.5B

The last two coal mines in Rio Tinto's portfolio are set to draw at least three bids, Reuters reported March 9, citing anonymous sources due to confidentiality agreements.

Whitehaven Coal Ltd., a tie-up between Australian private equity firm EMR Capital and PT Adaro Energy Tbk., and a consortium led by U.S. private equity firm Apollo Global Management are said to be vying for Rio's stakes in the Hail Creek and Kestrel mines, which could raise up to US$2.5 billion. The operations are in Queensland and primarily produce coking coal.

EMR teamed up with Adaro after collaboration talks with China Investment Corp. failed, two people close to the process told Reuters. Yancoal Australia Ltd. is no longer in the running for the coal mines.

Final bids for the assets are scheduled for March 12.