Rio Tinto Limited (ASX:RIO) could gain up to $150 million from selling a South African coal mine acquired through its takeover of Riversdale Mining Limited.
According to The Australian, Rio has shortlisted nine bidders for the asset and is targeting to tie-up the purchase before the end of 2011.
Steve Mallyon, Riversdale Mining's past-managing director and a current Rio advisor, has told the paper that there has been lots of interest for the asset with around 26 parties putting in first-round bids.
The global miner paid around $4 billion dollars to acquire Africa-focused coal producer Riversdale Mining, finalising the takeover in June after having launched the bid it at the end of 2010.
In the first half of the 2011 financial year Rio Tinto reported a net profit of $7.5 billion.
