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Report: Glencore, Apollo among short-listed bidders for Rio Tinto coal mines

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Report: Glencore, Apollo among short-listed bidders for Rio Tinto coal mines

The sale process for Rio Tinto's last remaining coal mines, including the Valeria and Winchester South coal mines in Queensland, Australia, is set to enter its second round, with Glencore Plc and a group led by Apollo Global Management LLC set to be included in the short-listed bidders, Bloomberg News reported Dec. 20, citing people familiar with the matter.

Apollo's consortium includes Xcoal Energy & Resources, Canada Pension Plan Investment Board and a former Glencore executive.

The asset package is estimated to be worth over A$2 billion, and the sources also confirmed that Whitehaven Coal Ltd. and South32 Ltd. made indicative offers for Rio Tinto's Hail Creek and Kestrel coal mines in Queensland by the deadline this month. South32 was reportedly considering a bid for the mines in October.

According to the sources, Whitehaven Coal, South32 and EMR Capital Advisors Pty. Ltd. are also preparing to enter the second round of the sale process.

Representatives for Rio Tinto, Whitehaven, EMR Capital, South32, Glencore and Xcoal Energy declined to comment on the matter, Bloomberg added. A representative for Credit Suisse, which runs the sale process, also declined to comment on the inclusion of the Valeria and Winchester South mines in the asset package up for sale.