Itochu has appointed J.P. Morgan, while Sumitomo approached Rothschild to find potential buyers, reported The Wall Street Journal citing sources familiar with the matter.
The companies are seeking to finalize a deal by the end of this year, the sources added.
The NCA project is a mining, processing and exporting joint venture between Xstrata Coal (55%), Itochu Coal Resources (35%) and Sumitomo (10%). It includes the Newlands and Collinsville mines in Queensland and the Abbot Point coal terminal.
Itochu and Sumitomo had increased their stakes in NCA to 45%, more than ten years ago in a A$550m ($516m) deal, which also included interests in various other mines.
Australian thermal coal prices are currently around $70 per ton, compared with over $190 in 2008, affected primarily due to declining demand in China and oversupply in the Asian-Pacific market.
On the other hand, power plants and consumers in the US are opting for cheaper natural gas.
Glencore and Japanese partners have been implementing various measures to keep profits.
The companies plan to cease underground operations at Newlands mine next year, which will reduce annual production by 2.5 million tons.
Last year, Glencore terminated a contract Leighton Holdings’ unit, which had been operating the Collinsville mine.
