New Hope Group could acquire Rio Tinto’s coal mines

Reports have emerged that New Hope Group is the latest company interested in Rio Tinto’s Australian coal assets.

Bloomberg reports New Hope is in discussions with Rio over assets located in NSW.

It is believed that both Glencore and X2 Resources are also in talks about acquiring Rio’s coal mines.

New Hope, a coal producer with mines in Queensland, said in March it was looking to use some of its $1.1 billion in cash for acquisitions. 

New Hope’s mining operations produced a total of 2.87 million tonnes of clean coal during 1H FY2015. This was 6.5 per cent higher than 1H FY2014. Total sales for 1H FY2015 were 3.07 million tonnes.