According to news service Bloomberg, two anonymous sources with knowledge of the private talks said a deal could be announced as early as this week.
No financial terms were disclosed, but International Mining, controlled by private equity firm Jordan, has a market value of $US1.09 billion ($HK8.9 billion) per its closing stock price on July 11.
Joy Global spokesperson Sandy McKenzie declined to comment to Bloomberg and the service’s request for comment from International Mining was not immediately returned.
An ILN comment request from Joy was not returned by press time.
One of the unidentified sources said Jordan, which invested in International Mining in 2006 and now owns 41% of the company, would sell its stake under the proposed transaction.
Under Hong Kong regulations, the move would require that the rest of the company be offered for sale.
Joy Global just completed its $1.1 billion buyout of surface OEM LeTourneau Technologies on June 22.