After failing to attract strong offers for the Curragh and Bengalla mines, Wesfarmers is rumoured to be considering a float for its east coast coal assets.
Wesfarmers, based in Perth, expects to attract a $2 billion price tag for their Curragh coking coal mine in Queensland and their 40 per cent stake in the Bengalla thermal coal mine in the Hunter Valley.
UBS was appointed to run the sale process and determine the future of the two mines.
It is understood that New Hope, the joint venture partner in Bengalla, is keen to take over Wesfarmer’s share of the mine. Reports also indicate that Apollo, a global private equity fund, is interested.
However, the Curragh mine in Queensland is thought not to have attracted any interest, leaving the bank rushing to find a solution.