Apr 22, 2018 Last Updated 12:58 PM, Apr 18, 2018

New Entry From the Editor :

Australia close to exceeding ‘impossible’ 2020 renewable energy target

Australia close to exceeding ‘…

AusBN - A renewable energy target (RET) deemed ‘impossible’ to ...

Demand for Australian iron ore remains strong, shows fresh data

Demand for Australian iron ore…

AusBN - International demand for Australian iron ore remains as strong as e...

Santos to engage with Harbour Energy after $13.5 billion takeover offer

Santos to engage with Harbour …

AusBN - Australian oil and gas giant Santos (ASX:STO) has received a AUS$13...

Glencore initiates bidding war for Rio Tinto Australian coal assets

mine quarryAusBNAusBN - An unexpected bidding war is set to play out for Rio Tinto’s Coal & Allied assets in Australia, as Glencore came in with a bid of US$2.55 billion for the Hunter Valley coal mining division.

Chinese-controlled firm Yancoal Australia submitted a successful bid of $2.45 billion for the coal mines in January, however Swiss-owned Glencore has increased this figure by $100 million in their bid.

“The Rio Tinto board and management will give the proposal appropriate consideration and respond in due course,” said the world’s second largest miner.

Glencore will also pay $920 million for Mitsubishi’s minority stakes in some of the mines if the Rio bid is accepted. The multi-focused miner operates 18 open-cut and underground coal mines in Australia.

In a statement, the firm said: “Glencore’s combined portfolio of mines in the Hunter Valley would have production capacity of 81 million tonnes per annum of high-energy coal that feeds increasing Asian demand for high-efficiency, low-emission coal.”

Rio must provide Yancoal with the opportunity to present a counter offer.

@AusBNOnline

This Month's Issue

v3i2 cover web

Subscribe

rgn web banner

abn web banner

Recent Tweets