According to sources, Rio Tinto Ltd. is looking for final bidders for their majority stake in Northparkes copper mine in Australia. The company expects two bidders running for the bid this month.
The 80% stake in Northparkes will be set for final bidders as its new CEO Sam Walsh sets a goal to raise significant cash proceeds. This will be used to cut debts and protect the single-A credit rating of the global mining company.
Final bids are expected from OZ Minerals Ltd and MMG Ltd from China. The total expected bids for the said stake will reach roughly US$800 million. This was according to three sources who wish not to be named due to the confidentiality of the said deals.
By the end of June, Rio is expected to have the process completed according to same sources.
The company's other bigger assets that are for sale includes its majority stakes at Coal & Allied in Australia and Iron Ore Company of Canada.
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