Trafigura, Adani and New Hope eye Rio Tinto's Clermont mine Rio Tinto (LON:RIO) has received bids for its majority stake in the Australian Clermont coal mine from units of India's Adani Enterprises (BOM:512599), Dutch trading house Trafigura Beheer BV and Australia-listed New Hope Corporation (ASX:NHC), The Wall Street Journal has reported, quoting inside sources. According to the news item, all three bids have fallen short of Rio Tinto's expectations, and talks over a deal have stalled. The sources have revealed that Adani Mining Pty, the Australian unit of Adani Enterprises, and Trafigura’s Galena Private Equity Resource offered less than A$850 million for Rio Tinto's 50.1-percent stake in the Clermont mine, which produces mostly thermal coal for use in power generation. Reportedly, New Hope, one of Australia's largest listed coal miners, also made an offer which fell short of Rio’s expectations.
Full article: http://invezz.com/news/equities/5778-mining-round-up-glencore-unlikely-to-bid-for-oz-minerals
NHC doesn't seem to be the type to pay premium for t/o ..
DTE Price at posting:
13.5¢ Sentiment: LT Buy Disclosure: Held
