Miner initially said it was selling Coal & Allied to Yancoal, which is majority controlled by China’s Yanzhou Coal
A multibillion-dollar bidding war for most of Rio Tinto’s Australian coalmines has broken out between China-backed Yancoal and Glencore after the Swiss commodities company made an unexpected offer.
Rio Tinto, the world’s second-largest miner, is exiting coalmining in Australia at a time of falling prices and market volatility.
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Source: Guardian Climate Change