The multibillion-dollar deal could include Rio Tinto’s Australian coal assets including Bengalla, Hunter Valley Operations and Mount Thorley Warkworth, Financial Time reported.
Rio presently owns 80% stake in Bengalla, Hunter Valley Operations and Mount Thorley Warkworth coal mines while remaining stake is owned Japan based Mitsubishi.
Glencore could also be interested in buying these assets as the company operates coal mines in Hunter Valley. The company in the past tried to form coal joint venture with Rio Tinto.
One of the sources cited by Reuters as saying: "Mick is absolutely desperate to do a deal, because it’s been absolutely ages (but) I don’t think this one will happen.
"Rio had tried before to sell these assets. Each time there’s been a gap between buyer and seller. I still think there’s a gap unless Mick overpays."
If the deal is finalised it will be the first significant move for X2 Resources, for which it has raised $5.6bn from investors and has reportedly, received debt backing from at least one leading bank.
