The New York Times | 1/11/2011 12:00:00 AM
Xstrata Near to Buying Colombian Coal Miner: Report
January 11--London-listed miner Xstrata is close to winning the $8 billion auction for Colombia's second-biggest coal miner, British newspaper The Sunday Times said, without citing sources.
Bank of America-Merrill Lynch, which is running the auction, extended the timeframe to allow other bidders including London-listed Vedanta Resources and India's Essar Global more time to arrange financing, the paper said.
However, they have struggled to do so, putting Xstrata in pole position to secure a deal, it added.
Xstrata declined to comment.
Brazil's Vale, Glencore International and mining investment vehicle Vallar also previously showed interest in Drummond's Colombian operations, sources familiar with the matter have said.
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