Mick Davis' X2 Resources Last in Running for Rio Tinto Coal Mines

Bloomberg reported that Mick Davis’ private equity firm X2 Resources is the last bidder remaining still in the running for two of Rio Tinto plc’s (ASX:RIO,LSE:RIO,NYSE:RIO) Australian coal mines.
As quoted in the market news:

X2 is progressing in negotiations with Rio as the other interested parties, including Glencore Plc and New Hope Corp., are no longer in talks to buy the assets in New South Wales state’s Hunter Valley region, according to the people. The mine stakes may fetch more than A$3 billion ($2.2 billion), one of the people said, asking not to be identified because the talks are private.

Rio Chief Executive Officer Sam Walsh has sold $4.5 billion of less-profitable assets since January 2013, reducing its coal portfolio amid falling prices in order to focus on larger iron ore and copper operations. Any deal would be the first purchase for Davis’s X2 fund since he raised several billion dollars from investors to pursue mining acquisitions.

Click here to read the full Bloomberg report.