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Linc chief executive officer Peter Bond told Bloomberg the sales process was going well and two parties had lodged initial offers, but he did not reveal a timeline for the transaction.
Bond said there was particular interest from Chinese, Indian and American groups, according to the report, and added that Linc would consider proposals once more bids had been submitted.
The Teresa coal mining asset encompasses tenements EPC 980, EPC 1226 and EPC 1227, which cover a collective area of 357 square kilometres.
Linc was scheduled to undertake more drilling in the Teresa project this quarter. It is also applying for the Teresa South tenement in EPCA 1683, which covers 34 sq.km.
In late May, Bond said he was confident of a good sale outcome “but we will not be announcing any details of any deal until it is nailed down to a point of being unconditional with some money in the bank”
The value of the Teresa assets has been estimated at more than $A500 million.
Linc has indicated the resources could support a longwall operation capable of 5.5 million tonnes per annum.
Exploration efforts are focusing on the German Creek seam and other coking coal zones, while port capacity could be secured through stage 2 of the proposed Wiggins Island Export Coal Terminal.
In August 2010, Linc sold its undeveloped Galilee Basin thermal coal tenement to Indian conglomerate Adani Group for $A500 million in cash plus a royalties agreement.
