Rio Tinto Limited
(ASX:RIO) is close to selling a large minority stake in Coal & Allied as well as holdings in some of its Queensland coal mines, according to media reports.
Reports of the sale come 18 months after Rio took full control of Coal & Allied and also coincides with its efforts to offload its Canadian iron ore assets and its Ashton diamond mine in the Kimberley region of Western Australia.
China's state-owned Shenhua and India's Aditya Birla Group are among companies reportedly considering bidding for the coal assets, which have an estimated value of $3.2 billion.
The potential sale comes amid weak coal prices globally and a surge in oil and gas reserves in north America.
Rio Tinto posted a net loss of $2.9 billion in its 2012 financial year.
