Bidding war breaks out for Rio’s Australia coal mines

A raft of international banks involved in providing finance to the sector temporarily froze some credit lines.

SYDNEY: A multi-billion-dollar bidding war for most of Rio Tinto’s Australian coal mines has broken out between China-backed Yancoal and Glencore after the Swiss commodities giant made an unexpected offer.

Rio, the world’s second-largest miner, is exiting coal mining in Australia at a time of falling prices and market volatility.