- Glencore (OTCPK:GLCNF, OTCPK:GLNCY) has resumed discussions about Rio Tinto (NYSE:RIO) Australian coal assets after emerging that Mick Davis' X2 Resources also was interested in the Hunter Valley thermal coal assets, according to the Australian Financial Review.
- X2 is said to have been working on a potential acquisition of Rio's coal mines for months, and talks between the companies were reported to be serious.
- Glencore sees potential synergies from an acquisition or joint venture, given it owns neighboring mines and has sought a number of potential deals with Rio in recent years, but it has been reluctant to meet Rio's price expectations of more than $3B.