China wealth fund said to join fray for US$2b Rio portfolio

Sydney

THE Chinese sovereign wealth fund is considering joining the bidding for Rio Tinto Group's last remaining coal mines, which may fetch more than US$2 billion, people familiar with the matter said.

China Investment Corp is discussing making a joint offer with Australian private equity firm EMR Capital Advisors Pty, which was among shortlisted bidders for the Hail Creek and Kestrel mines, according to the people. Suitors are scheduled to make site visits to the operations in Australia's Queensland state this month ahead of the final bid deadline in March, the people said, asking not to be identified because the information is private.