Anglo American, the most likely suitor to buy Ticor's stake in the German Creek coking coal mine, is expected to pay over $80 million for the 26.06% interest.
Anglo, which has taken a keen interest in Australian coal of late, could also bid for Ticor's 20% stake in the Warkworth coal mine in New South Wales' Hunter Valley.
Coal analyst Clyde Henderson of Energy Economics said he believed Ticor was talking solely to Anglo American, but that the process was not a done deal.
The South African predator, which gained a 47% stake in the mine when it bought Shell Coal’s assets for $1.5 billion in June, is seeking further Australian acquisitions, which are considered cheap at current exchange rates.
Also up for sale is Ticor’s 20% stake in the Peabody Resources-operated Warkworth coal mine in New South Wales’ Hunter Valley, valued at about $60 million, and its east coast sodium cyanide assets, valued at $45 million. Ticor hopes to complete the sale by early 2001.
