Industrial Metals

The Wall Street Journal reported that Coal India Ltd. (BSE:533278), Shenhua Group Corp. and Aditya Birla Group have said they will bid for Rio Tinto plc’s (ASX:RIO,LSE:RIO,NYSE:RIO) Australian coal assets, according to “a person familiar with the matter.” The companies must submit their first-round bids this week.

The Wall Street Journal reported that Coal India Ltd. (BSE:533278), Shenhua Group Corp. and Aditya Birla Group have said they will bid for Rio Tinto plc’s (ASX:RIO,LSE:RIO,NYSE:RIO) Australian coal assets, according to “a person familiar with the matter.” The companies must submit their first-round bids this week.

As quoted in the market news:

Rio Tinto in April hired Deutsche Bank AG to sell stakes in several mines that produce thermal coal, which is used for producing energy. The stakes include up to 29% in the New South Wales Coal & Allied unit, which Rio owns with Japan’s Mitsubishi Corp. 8058.TO -1.55% The Anglo-Australian company also is selling interests in its Clermont and Blair Athol thermal-coal mines in neighboring Queensland state.

Click here to read the full report from The Wall Street Journal.

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