New Hope has stated that it is still looking to acquire Macarthur Coal but has been unable to engage in talks.
Last month, Macarthur rejected a takeover bid from fellow coal miner Peabody energy, citing the offer as too low and undervaluing the company.
Peabody responded by stating it would instead pursue other investments.
New Hope has announced it is still looking to make a bid on Macarthur.
The miner sees an opportunity to do something in the future, New Hope spokesperson Todd Barlow told AAP.
New Hope made a scrip offer to Macarthur of 2.7 of its shares per Macarthur share, or an alternative $14.50 per share.
The cash alternative saw the bid value Macarthur at $3.68 billion, with the scrip offer coming in at approximately $3.06 billion.
Despite Macarthur rejecting Peabody’s offer of approximately $15 per share, New Hope would not look to change the bid.
Macarthur announced on Monday that it is not currently in talks with anyone.