The bid for control of Queenland's QR National coal freight network is gaining momentum after a group of coal miners, including Rio Tinto Ltd
(ASX:RIO), were finally given permission to conduct due diligence.
The Australian Financial Review reports that the Queensland Coal Industry Rail Group, which also includes BHP Billiton, Xstrata and rail operator Asciano Group, has been looking at the company's books for the past two days. Earlier this month, the group threatened to walk away from their $5.1 billion offer unless they were granted due diligence soon.
The miners want to stop the Queensland government from listing the QR National business.
Rio Tinto reported a net profit after tax of around $5.4 billion in 2009, which was an increase on the year before.
